It is cheating. If you are meant to cast freely without any worry to mana, then there shouldn't be a mana bar.
However, I am willing to give the benefit of the doubt, and believe that magic is underpowered. But cheating doesn't make it right.
Not cheating, enchanting designed for it. 4 items, all of which can be forted 25% at 100% enchanting level, no cheat involved.
I hate the idea of "balance" ... it's the stupidest thing I've ever heard of, and I've seen game after game in MMOs get ruined by companies chasing after this illusion. Because balance is stupid. Why? Because players all have different skill levels and preferences on how they like to play at any given moment, and what they expect out of the game. Plus players love to whine, especially the ones who realize they can convince devs to alter things in the games by whining enough. So then the game gets skewed by people who have no lives except they have all day to whine on bulletin boards. Meanwhile people who just enjoy playing the game get it ruined when the devs nerf all their favorite things and make the game all crappy. They have done it to almost every game I can think of. That's why I like Bethesda because they don't bother with trying to do "balance" or nerfing things. They don't give a crap, they just give you a difficulty slider and a range of options and say "balance it yourself."

Well said. Over a period of time I've seen this creep into games. Whingers, whining, and mewling like babes because they demand something "their way", and all too often, some empty suit at head office reads all these posts by cretins, and what do you get? Not only do you tend to get nerfed games, the latest thing is the "mid-level superboss", where all of a sudden, you're having a good game, and then the fist of freaking God strikes you down because, well, a whole bunch of people on the internet (the last bastion of the lunatic and the relentless complainer) have complained that they needed a "challenge", so you get a stupidly overpowered one. They're gimmick battles, made to appease the vacuous minds of people who seem to think they're "serious gamers". Gotta appease the "serious gamer".
It's not an exploit as you can actually buy 4 items with 25% less magicka cost each, totalling 100%. No exploit, just buying stuff from merchants. It needs to be changed.
Rubbish. You can enchant items to varying levels, giving you any sort of fortification level you desire. Stop asking Bethesda to remove options from the game. Too many people doing it. Starting to piss me off. No spellmaking in TESV, next, no smithing, enchanting or alchemy. Can't upset those "serious gamers", eh.
Bethesda are one of the few companies that give you the unfettered freedom to make your gameplay as hard or as easy as you wish.
You can do something about it. Asking a games studios to remove content from their game is not a solution. At all. Ever. Worst of all, you're taking content away from ME!