I had not heard of there being no spell crafting and can neither confirm or deny that it has been left out of skyrim. However assuming that it has been taken out then allow me to list why that might be a good thing (I'm a mage so magic is important to me.)
1. Each spell will then be unique and have a useful purpose.
2. No more cluttered spell book (i'm sure y'all can't forget that).
3. Your enemies spells will no longer be much less effective than your own.
4. It'll probably make spells grow stronger as you grow stronger transforming lesser res to minor res to greater res...ect as you grow in that skill.
Wouldn't you agree that this would be a much better way of having magic in the game, also note that spell crafting is not necessary for enchanting.
Now the debate can continue.