@AstralFire - noted, thanks. I'll definitely be checking out your mod in the future, but I just started with EmpoweredMagic a few days ago, and I don't think RoC fits with this particular pure mage character.
It seems to me that spell packs like Revenge of Colette and Apocolypse Spells balance magic by giving you creative new ways to deal with your oponents, rather than just moving numbers around. I'm still early on the playthrough of my first non-vanilla mage, but that's my hope.
It depends on how you define balance and magic.

My disagreement is pretty much semantic, but I think that if someone is talking "Skryim magic system" they're generally saying "the 5 schools of magic in Skyrim". If you're unsatisfied with the design or implementation of those schools of magic, adding additional content doesn't fix the core problem (i.e. you could add an entirely new system that is great, but that's depreciating/diluting the original system, not fixing it).
My argument about balance is along the same lines. The numbers (hidden or listed) ARE the magic system. Changing the equation can potentially fix the problem, but adding new equations doesn't address that (directly). It's like building a perfect new road alongside an existing road full of potholes. The new road may suit your needs, but it doesn't change the fact that driving on the old road svcks.
But it sounds like AstralFire is working on that, anyway....