I'm playing a Pure Mage, and Skyrim currently lets me have eight spells hotkeyed. Eight. Just within the Destruction tree, just with Fire/Frost/Shock, there are NINE spells I want hotkeyed. (Considering there's a short-range, long-range and AoE version of each.)

In Oblivion I had a Hotkey mod, for example, that allowed me to have this set up:
1 = Fire Bolt
Shift+1 = Fire Ball
Alt+1 = Burning Touch

etc. So I could have the three kinds of Destruction spell between 1-3. Feather, Night-Eye, Shield, Unlock, Water Breathing, Water Walking etc. I had all bound to my Numpad.

Then there's the summons, the shields, the wards, the light spells, the soul trap, it really destroys immersion for me, to have to fiddle with the Favourites menu every 30 seconds because I want to be an efficient mage.

I'd be extremely grateful if such a mod were released for Skyrim.

What Wranger said.

This, and a UI overhaul, are badly needed.