I think people are more making the point that the old magic system favored quantity over quality. Most spells had 5-6 different versions of the same exact effect, and there were probably 5 different spells that resulted in exactly the same outcome. Add in spellcrafting, and the whole system felt incredibly bloated.
First, you are confusing "spells" with "spell effects." Sure prior games had several in game "spells" available at different strengths that used the same "spell effect"?
Second, how is Skyrim's system better when your spells become useless as you level? Oblivion's system is better because a higher level caster can use the same "spell effect" to create a stronger version so the spell remains useful. If Skyrim had some form of spell crafting or at least had "5 different spells" available from vendors with the same effect but different strenghts, then I could still make good use of those cool Rune spells at high level. The current systems reduces Runes to mere firecrackers at higher levels.
They also removed a great many "spell effects" like Mysticism's Dispel. Very useful if you are in a dungeon with your light spell up and hear some bandits up ahead and want to put it out quickly. Of course, Skyrim's dungeons are all lit up like the Vegas strip, so maybe Dispel is useless afterall.

Guess there is no point in trying to take down your enemies' Ward spell or summon or flame cloak with a Dispel. That would be pretty useless too, I agree.
Also, Mysticism's effects from Oblivion (because it's pointless to complain about spells from Morrowind that were already removed from Oblivion) have been distributed pretty evenly among the other schools (and/or perks), with the exception of the Reflect Damage effects. I can understand why the developers didn't feel that an entire additional school of magic was necessary.
Not just reflect damage. Dispel is just gone, and I have not seen a perk that lets you reflect spell. (And it is not "pointless" to complain about spells from Morrowind. Enchant was a Morrowind skill that was removed Oblivion and reintroduced in Skyrim. Just because something was cut from Morrowind to Oblivion, does not mean they will never bring it back.)
Anyway, constant effect perks, like Atronach are no substitute for a durational spell for Spell Absorbtion that drains your magicka to cast. Plus most of those perks like Atronach are buggy as hell anyway. Don't try to cast any of your five summoning spells if you have taken the Atronach perk. Your success will be limited.