This is a game. Tools are fun.
Yet we argue on forums over trivial crap related to said game.
Meh...
Spellcrafting was just one of those things you had to be there for.
It was pretty freaking awesome, and one of the only things that made me actually put more than 20 hours into Oblivion. To be honest though... it only added another 20 hours for me. I just could NOT get into Oblivion for whatever reason.
I'd like to see a second coming of it, but not at the expense of Shouts. That is going to take some time to figure out how to implement it in a smart manner, the modifying PC community is pretty good for that.
I don't see how Shouts make it out of Skyrim honestly, and I fully expect spell-crafting to come back in TES VI with little or no Shouts at all.
I was there for it though, at least its Oblivion iteration. I honestly don't care if its in the game, I just think its absurd to claim that its removal destroyed the game as if people were so reliant on this one mechanic for their fun and enjoyment.
I don't even care about the dang system and I sat down and tried to formulate a way that it could work and have some type of synergy with the new mechanics. Even on paper it was absurdly complex and was severely limited given the state of the game. In a sense spellcrafting was a feature that made up for Bethesda's inability to create a functioning magic system.
Maybe I come from a different school of thought in which spells have are set in stone and I was never given the freedom to change that. Maybe I believe spellcrafting was just an extension of modding that was put into the game. Maybe it should stay as a modding mechanic rather than a game mechanic.
I also understand why people like the old system of character development... however I got bored after each character I created because they were never fleshed out, they were merely numbers and that illusion was easy to see through.