I kind of consider using companions to be admitting defeat. My goal is to be powerful enough to get through stuff without using companions. With that said, I also am using stealth a lot so companions don't actually fit my play-style that much. And when I AM detected, I use conjuration anyways. But I feel much more legitimate using conjuration because it uses up magicka. In a sense, it is still me doing the damage.
In my first play through I am concentrating on being a dual weapons person --a female in fact-- so I tend not to use magic. (Spoiled again by DA:O. Although, I love playing a Mage there too.) However, I love having Lydia tagging along as a tank because I give her all of the destruction staffs that we find. Lydia loves to use two staffs at once and it is fun to watch. That way I can concentrate on other things. That being said, my first play though is a learning process with the game -- if I could stop all of the many glitches and desktop crashes that is. Besides, as in DA:O, FNV and FO3 I appreciate the interactions between the companions: something Elder Scrolls desperately lacks IMOPO. Then gain, DA:O is more of an advlt version RPG --again, IMOPO-- and that is a personal fondness.