I'm one of the people who believe the Mannimarco people snuffed in Oblivion was some fraud, but I'm curious what the stance around these parts is or how the official story has played out. So, what's up?

There's a thread with all the different theories -> http://www.gamesas.com/index.php?/topic/1208368-is-mannimarco-really-dead
But I believe that there are two versions of Mannimarco. One mortal and one divine. (All the endings of Daggerfall happened simultaneously)

Mortal Mannimarco was powerful, yes, but when you counter his main strength (enthralling people) he's just another Necromancer. Mannimarco the god is an entirely different story.