Here's why I like spellmaking.
Spellmaking allows me to make many slightly different variations of a spell for different purposes. A flame spell that does minimal damage over al ong period of time. I can use this for helping out companions or summons, I can cast it on something that's been pursuing me that I'm not ready to go toe to toe with. I can hit them with it and then go invisible for its duration. Or I could do a flame spell that does lots of damage up front to really [censored] [censored] up immediately and end conflict almost immediately. Or I can do one of the two with an area effect making it more suitable for groups of enemies. Or I can do an all-at-once flame spell with less damage to conserve some magicka for other spells.
Being able to use a flame spell with different applications is nice, but it doesn't replace the versatility and freedom of spellmaking, and a majority of mage characters really had a lot of uses for it. Besides, now how will we work things that worked on duration alone? Like Night-Eye, Summons, Invisibility? Will we cast them for a low initial cost and have it drain magicka as time goes on and we have to disable it? Will we only get certain durations of those based on the spell we buy? Without spellmaking 85 unique spells isn't something gamesas should be bragging about. That's a pathetic amount of spells for being completely unchangeable.
Once the cool factor of using fire as a flamethrower (not really sure how that's super cool anyway...) and its other uses (fire trap? Dark Messiah already did that; it was the least interesting spell in the whole game), we're going to be stuck with a very inflexible magic system where we have to find all 85 spells just to use their limited applications. It's going to take some of the freedom away from combat for some people who preferred doing things a certain way, or a different way each time.
It's just a really stupid idea to remove spellmaking, and even stupider for people to think it couldn't be combined with the tiny gimmicks that gamesas has added to spells.
...guys if Enchanting is a skill again (has to deal with SPELL EFFECTS) why would spell making be out.
gamesas could easily dumb down Enchanting to fit the new spell system. See, where the spells have these different ways of being used, which would apparently make the spellmaking system impossible to keep (still think that's the most [censored] [censored] I've ever heard), they could make it so that enchanting a sword with fire would simply cause it to do a certain amount of extra damage when you use it, and the only difference would be that that extra damage would be tied to the element of fire (weaknesses and resistances then come into play versus that sword). I mean, they dumbed down both spell making and enchanting... well, just the magic system in general, in Oblivion. What's to say they can't take it to the next level and find ways for it to svck even more?