Even with it a bit on the thin side, it's still one of the most powerful school in the game.
Personally, I think Bethesda intentionally gimped magic and replaced the missing pieces with those infernal Dragon Shouts instead. A very poor substitute if you ask me.
Had they not gimped it, people wouldn't have much incentive to use magic, now would they? Me, I'd rather have my magic in all it's glory again. Overpowered or not, no one forces anybody to use or abuse it. Just my oinion on the matter.