Personally, I have none of that magic on my weapons/armor and have seen no issues with the patch AT ALL in my gameplay.
It's not just weapons and armor.
It's racial bonusses. Nords don't get their resistance to frost. Dunmer don't get their resistance to fire. Argonians don't get their resistance to disease. Bretons don't get their resistance to magicka. Redguards don't get their resistance to poison. That's half of all playable races nerfed right of the bat.
It affects perked improvements, like Alteration's "Magic Resistance", which now does absolutely nothing. It affects standing stones, most prominently Lord's Stone. It affects diseases : Vampirism should give you frost resistance, disease resistance, and poison resistance, and it now does none of those things.
It affects spells, because nothing can resist your spells anymore. Your soul traps and paralyzes will never fail because the beings that would normally have a resist chance on them won't anymore.
And it affects NPCs and creatures. Hell, Flame Atronachs now get burned by their own fire! They die in one anothers' fatal explosions!