Silence / Dispel / Fortify ___ / Burden / Shield / Water Walking / Weakness to ___ / Drain ___ / Damage ___ / Reflect Damage / Reflect Spell / Spell Absorption
^ some of those will be missing from spell-casting i believe
It is my bet that u can mix and match ingredients to make waay waaay more than 85 potions / poisons (some effects which won't be found in spell-making)
Would u like to silence, drain the stamina, and do burn damage to an enemy all at once???
U wont be able to create a 1 spell that can do this but you can create a poison that will accomplish this
In oblivion... spells did pretty much everything alchemy could do
In skyrim.... i predict alchemy to be a lot more versatile + powerful than the 85 spells