An opinion you're probably all alone with?

[Aeson]

Assuming you mean magicka point, I am confused about how this is possible, given that Ogrim have at least 170 hp and spell cost doesn't decrease with better attributes or skill. Did you mean spell, or bar?

The spell that veti is using to kill Ogrims for 1 point of magicka is Bound [Weapon] on Self for t<20 seconds. Personally, I would call this much more of a demonstration of the power of a martial character with a good weapon and the skill to use it than a demonstration of the power of magic in Morrowind, but veti and I have disagreed over this before.

Having said that, I'm inclined to agree with veti that magicka regeneration is unnecessary and would probably be bad for Morrowind. Magic's reasonably powerful and very flexible in Morrowind; if it's also effectively free then it would very likely devalue other options quite a bit. There's really not that much room between "I have functionally-infinite mana" and "I may as well not have mana regeneration," especially outside of combat and all the more so if you're concerned about the known tendency for people to choose to do something that's 'optimal' over something that they actually find enjoyable (you can't have "slow" magicka regeneration if you're concerned that people will spend 30 seconds staring at a wall waiting for enough magicka to cast Hearth Heal instead of drinking a potion or cast Open 100 pts on Touch instead of using a lockpick, engage in ever-more-protracted bouts of kiting while tossing fireballs at enemies, or whatever other plausible scenario you care to think up), and unlike with enchanted items there's no built-in trade-off of having to carry around a bunch of junk in order to have access to the spells you might want to cast.

The big issue that Morrowind has insofar as magicka usage goes is that Restore Magicka potions are fairly difficult to come by at low levels - sure, there's a couple freely available to members in each of the Mages' Guild halls, but those don't go very far if you're throwing around a lot of big spells, most potion vendors either don't carry or don't restock Restore Magicka potions (and even if they do have them, they're relatively expensive single-use consumables), and it can be difficult to obtain the ingredients to make Restore Magicka potions at low level, particularly if you're not engaging in money-making exploits - daedra hearts, frost salts, and void salts are expensive when obtained from vendors and difficult to acquire otherwise before the levels where daedra are common spawns in many parts of the game-world.