I probably spent like 40+ hours planning spells I wanted to make in Morrowind, getting the money to buy them, and leveling enough so I could cast them. It was a HUGE roleplaying element for me and really gave me the feel that my character was MY character. And the pay-off / feeling of accomplishment after I was finally able to make and cast my Summon Army spell was way better than completing 90% of the rest of the game. I was slightly less pleased with Oblivion's implementation (not saying it was a poor game--I loved it) and regeneration, but similar story there as well.
I'm waiting for confirmation and/or more info about Skyrim's magic system, but if it is what it seems to be right now then I'm probably not going to be buying the game. If I get reviews and recommendations from friends, then I'll reconsider, of course. I'm sure it will still be great for warrior and stealth types and for those mages who don't mind pre-packaged, constrained spellcasting.
I definitely remember planning out spells to make and saving gold and leveling till I could do it. Made the wait worth it when you finally got that crazy spell that did crazy things. This is just terrible news, I cant seem to get over it :sadvaultboy:
@ Terror, using the devs logic, you dont like OP spells then dont make them. See the fast travel comment they made <.<
Of the other things I dont agree with in skyrim I could brush off saying "oh I guess its not that big of a deal" But when you add them all up then put no custom spells on top of it, that really does make a mark.