I find the talks of Magic being weak quite ironic. In Oblivion, far to the contrary, Magic was pretty OP, especially if you picked Breton as your race with their 50% Spell Absorption perk. Additionally unlike in Skyrim, you could make spells in Oblivion as well as greatly increase your total Magicka with Sigil Stone enchanting. That said, I found mages to be among the more difficult enemies I have faced in Skyrim. I am currently rolling a pure melee Nord with a full set of Daedric Armor and a Lightning Daedric Sword. At my current level, I have no problem taking hits from Giants, but I die much more quickly when fighting against 3 Sith Lords spamming Lightning at me.
Regardless of whether you are playing on the PC or a console, I believe the most fun way to play Skyrim is to take the role playing aspect very seriously, instead of being the most powerful god character. Many exploits like the one mentioned by matt are common in this game, but they will only ruin your experience if you choose to use them. I may have a high smithing skill, but that decision was purely cosmetic, as I personally liked the intimidating look of Daedric Armor. For me, as a pure melee character, I play the role of a dragonslayer. I generally do not commit evil acts unless I absolutely must, and I only use magic to enchant my weapons, so I don't plan on joining the Thieves Guild, Dark Brotherhood, or College of Winterhold. Additionally, I didn't join either the Imperial Legion or the Stormcloaks since I am trying to be righteous and not pick a side in the war, not to mention the only thing that matters is my deep hatred for the Thalmor, whom I kill on site.
I know that might sound a bit contrived or even cliched, but it really is a more rewarding way to play. I am already planning on starting a second character very soon, as I still wish to play this way while exploring all of the other factions in this game.