True but their not nearly as exploitable as Spellcrafting was.
Really? Please, tell me how did it allow you to deal thousands of points of damage, get stats counted in thousand etc? Alchemy allowed that, and it still does.
I don't see why not, its not like Skyrim is a multiplayer game. If people want to cheat, let them.
The problem is, people who "cheat" in such a way also comment that the game is too easy, skill x is useless etc. And that gives you false information.