Personally, I don't think Mana should ever regenerate unless you sleep or rest. Then again, I feel the same way about Health. No potion, no bed, no regen. I am amazed that it even regenerates at all in battle.
This.
Magicka regen doesnt even need to be there for me in combat.
Its convenient outside of combat, but during - it matters little to me.
If you run out of Magicka, there is still more than enough things you can resort to in order to finish a fight.
I only play mages, always have, in every RPG/MMO and its a non-issue in TES games for me.
Scrolls, Staves, Potions and since Skyrim - followers will get you through a fight.
Now if you overlook the use of the mentioned items then I can imagine you will find yourself frustrated every now and then ^^