This is a pretty big issue with just the Atronach stone my conjuration spells fail pretty regularly resulting in a frail mages death far to often, the reason I stopped playing a mage.
Hopefully will be sorted out soon, although not sure if Bethesda are even aware this is a problem!
It's sad, because I've been thinking the same thing - just start a new character. I hit the same disappointment in Oblivion, where the sheer weakness of summoned conjurations led me to stop playing the game altogether.
But, anyway, I like my mage, and will continue to play him. I'll just have to avoid any gear that has absorb magicka, and never use my racial :\
Edit: By the way, if you have the atronach stone and the Breton racial active at the same time, it's impossible to summon or bind weapons. 100% absorb magicka.