I would love to see this. I actually put this in the Suggestion Thread.

I voted no.

It gets old after awhile on a favorite piece of equipment.

It can add to lag in a game or even freezes, like the oblivion gates if you added the stones to a item before you returned to Cyrodiil when closing gates, or the doorway from Rockmilk cave.

It did not fit my rpg style when playing a thief or assassin either.

I put no, however I wouldn't be against it if the effect was subtle. I don't want a continuously ablaze swrods stuck to my hip.

I could probably think of a few things. What about an effect that spreads to the visible hand. For example, when a sword actively restores your health, as in when you take damage and it begins to go up, the hilt of the sword has a small "pulse" of lines of light, whatever color you want depending on the effect. For the sake of restore health, let's say it's red. These red likes course rapidly down the blade, and then to your hand. Your hand gains that small pulse, where the lines of light trace down your veins, then fade. Change color, or even shape for magicka and fatigue. Maybe magicka is shaped runic, and traces along strange canols in your hand that are rigid and angular. Maybe fatigue can highlight muscle ridges.

Maybe Turn Undead can act in proximity to undead enemies. When near an undead enemy, your blade can gain a holy aura not dissimilar to Oblivion's default enchantment aura. When you strike an undead enemy, it can pulse. When a sword is enchanted with a constant effect of Light, the blade itself will glow with a light and act as a torch. Over extended use, the light will slowly dim until it goes dark.

There are a variety of ways you can implement these things, you just need to be creative

Yes, but for heaven's sake spare us from the Morrowind plastic wrap; NoGlo exists for a reason.

Cool!

I am not a big fan of showy effects on weapons once they are being carried - it's distracting and can light an area weirdly, like if you are talking to another NPC, they glow as if you were both standing over a campfire or something. I wouldn't mind some cool rune-like etching or tracing on a blade or axe-head or something, to symbolize the particular enchant.

Or an option to turn off weapon effects. that would work too.