Wrong, it does 15% damage to their health at the same time. Sure that might be hard to tell with low level mobs but in your 50's you will be just plinking away at their health and then suddenly blam! dead when they reach 15% health.
This seems like its closer to 25% if you are dual casting.
OK, show where in the stats it says it does this. Looking at them, all I see is a perk with no indication to adding damage, but only a visual enhancement. The enhancement description says exactly that, and it offers no more damage. If it did more damage, the description would indicate that as other perks do. The "Augmented" perks are the only ones that increase damage ratios in the "Destruction" tree of perks.
Read here: http://www.uesp.net/wiki/Skyrim:Destruction