While I love this game and my only two real complaints are 1) The lack of spell creation and 2) the shortness of the guild quests, I have to say that I am getting really tired of hearing about "the bottom line". Sheeple keep defending the dumbing down of RPGs and cutting of features (everywhere, not just with Bethesda and not even just with PC games) all because "its what makes the company money". Honestly, as a consumer, I don't give a bleep about what makes the company money. I care about what makes ME as a consumer, happy. And we have every darn right in the world as consumers to voice our concerns and criticisms. I don't care if Joe Teeny Bopper down the street likes AD&D better because with the 4th edition they permanently killed off Mystra and crap-canned most of the Forgtten Realms' rich lore and now Wizards of the Coast is making more $$$. I care that for me, the setting is ruined. I don't care that "streamlining" TES and making it far more console crowd friendly has increased sales and they can now bathe in tubs filled with 100 dollar bills. I care that for me, the game suffers which in turn makes my enjoyment of the game suffer.
I know that "the bottom line" is all that these companies care about anymore, but that doesn't mean I have to like it or be silent, so quit telling us about how the company made $10 million by cutting awesome features out as if that makes what's problematic to us all better.
"Sheeple"? Seriously? You're going with "sheeple"?
Luckily for us, a company isn't a democracy and are free to change the path that they're on.
Of course they can, but what do you think the odds are of them altering a course that got them a metric ton of sales? Why would they? Who would make such a decision for anything but the most black-and-white moral reasons, of which there are none in this instance? A company isn't a democracy, but a successful company is democratic in terms of their business practices: they make what people want to buy, and apparently people want to buy Skyrim.
Thanks for the tips, Ill be sure to try those games

Go for it. There are few games I can recommend as unequivocally as I can recommend Supreme Commander.
If that's all you were doing then you were missing out on some of the more interesting aspects of spell creation. I combined a shield, bound sword and light spell so I could case one spell and be ready for combat in a dimly lit dungeon. Others created a spell that combined invisibility and calm so they could get sneak damage after being detected. Then there is spell chaining where you can get infinate magicka by combining a fortify magicka 100 spell with a damage spell of an appropriate level so that you can cast it indefinately. There are all sorts of creative combinations you can make with Oblivion spellmakign adn the ones you list are only some fo the more obvious ones.
But wait - do you consider smithing + enchanting to be (1) a game-breaking exploit or (2) a "creative combination"?
Re: the OP. I love Skyrim and am enjoying it immensly but at the same time I tend to agree with many of the points made in this thread by the OP and others and think Skyrim could be a lot better if these issues were addressed. I miss spell creation and more complex character creation and was disappointed the moment Todd Howard said we would get neither.
I swear I remember an interview when Mr. Howard said that we would at least be able to combine different spell effects through dual casting, but unfortunately that has turned out not to be the case.
I don't see how character creation isn't complex in this game - certainly as complex as in Oblivion, and likely more complex, because
you never stop creating your character. Yes, they got rid of stats and classes - and rightly so. The old classes were nothing but a mechanic designed to be exploited, and exploited it was - via the "efficient leveling" trick, where you could say "I wanna play a warrior, so I'll pick 'mage' as my class" then proceed to remain at level 1 even though you've got a blade skill of 75, heavy armor of 70, block up to 80 and so forth, and go around hacking apart level 1 enemies. You could effectively keep your skills many, many levels ahead of your character level, with the expected results - you never met enemies until you had skills that were disproportionately strong.
And the same thing with attributes - what good did they serve except to find some trick to play with the numbers? This isn't a strategy game, it's an RPG, and I don't need THREE PAGES of numbers defining my character like Oblivion had. I far prefer Skyrim's skill-centered character creation system, complete with perks.