I won't spend a long time on the negatives. The main problem is that it is just too short and listless. I mean, it's a joke how fast you become the arch-mage.
What they should have done is a little something like what happened in the mages guild in Oblivion. I would have made it so that when you first talk to the court wizard in Whiterun, you can have the option to 'learn more about magic'. What that means is you talk to him and instead of just directing you to the College, you need to acquire recommendations from all the court Wizards in each city before you can even enter the college at winterhold. These recommendations wouldn't be easy to come by, you'd have to complete a quest for each Wizard that revolves around a riddle (So no fancy arrow telling you where to go). The quests lead you to a dungeon based around puzzles and clues(the court Wizard would have given you a diary that holds all the clues/riddles/answers). The first clue needs to be decoded before you can gain entry into the dungeon ( a puzzle at the entrance), perhaps you need an ingredient to burn at the entrance (Nirnroot?) or a 'speak friend and enter' sort of thing.
Once inside the dungeon you would have to wade through a number of puzzles and trials using nothing but the diary given to you by the court wizard. At the end of the dungeon you will find the court wizard awaiting you (not actually him but a sort of clone thing) he will be the final test and you will have to defeat him in magical combat, using only a certain spell (Shock, Frost or fire) depending on the weakness of the wizard (which you would find out from the journal or even dialogue before the quest starts). Once the clone is defeated you loot the corpse (for epic lootz) and then go on your merry way, having succesfully completed the quests.
You would have to do this for each court Wizard (different dungeons and outcomes each time to keep it fresh) there will be suprises along the way. Some epic twists and dungeons based around the elements (Fire temples, Water Temples, Earth Temples, Metal Temples...) Once you have recommendations from each court wizard you can then enter the college.
The college will then have a much longer story. You would have to attend classes and actually learn spells from lectures and lessons (This is getting like a 'Wizard of Earthsea', I know xD) You will have to move up in ranks (Journeyman, apprentice...) and complete a trial each time to acquire a new staff as tribute to your rank. You will then have to sort out disputes among your fellow mages (arguments, duels, fights over girls etc.)
Before moving up a rank you would have to have a certain skill level in each of the magics (Destruction 30 before apprentice maybe?) so that you actually feel like you deserve that rank. As your rank grows you will have more to deal with (You may be reluctantly called out by a jarl to sort out a magical problem in the world or hunt a rogue court wizard--A twist storyline? A traitor Court wizard jealous of your prowess?)
After doing things like that you will then recieve a high rank in the College and then the storyline that we have now can begin while in conjunction with all the other subplots that may be going on (These subplots wouldn't be optional they would have to be done and the rewards would be great).
If all that was done what we would have is an EPIC, AWESOME, 30+ HOUR FACTION QUESTLINE. WHich would have been so great that we would remember it for generations

Sorry for the long post. WHat are your thoughts on this kind of Faction?

