So with the new podcast http://www.gameinformer.com/b/podcasts/archive/2011/02/03/toddhowardse.aspx
Todd touched on the subject of spellmaking and said that it was not included (yet) because he wanted magic to have a certain feel.
But he also said that they had workarounds, for spellmaking to work, that they could explore.

So relax guys, game is not done yet let them figure things out.

Yeah I really don't think that this topic is good on the false hope front...

Since Seven Dragons made such a nice post about magic and what we're speculating the magic system to be like why not use his thread?

http://www.gamesas.com/index.php?/topic/1164241-new-magic-system-in-skyrim/

Yeah, there is a Spellmaking topic, let's keep all the discussion together please.