Combat system is fairly easy.. Gothic 3 springs to mind...but monsters are pretty tough if you go wandering too far! Spell system is basically done by collecting "Spell Cards" which you then drag onto one of three slots allowing you to have 3 spells at any one time available on your skill bar (bottom left of screenshots)
Spells range from protective ones, to summoning, with missles and healing inbetween... in one of those scdreenshots you can see me summoning the ultimate Fire magic summon...the Hell Master.. he kicks ass!
Leveling is easy, not like oblivion...its done by EXP, the proper way imo!
Enemies range from little goblin things called Groms, to big arsed Fire Dragons (one of which i killed...got nothing for it!)
Weapons are good... theres different levels of magic staffs, apprentice, skilled, etc up to archmage (i think). Bows, Swords of all kinds, daggers, and pole-arms.
There are 5 types of magic schools you can learn (can learn all!) Fire, Water, Earth, Air, and Necromancy.
As you level up, you get skill points to enable your skills, such as horseback fighting, dual weild skill, and many others (including disarming, and multiple arrows!!) to rise, and stats points, which enable you to raise vitality, dexerity, strength, and magic power.