I have been enjoying it so much recently simply doing the side quests and careful levelling up. I don't cheat at all but I do know a fair few "exploits" (the awesome scroll seller in Caldera, the alchemy intelligence boosting thing). I sometimes load up a game, character strips down to his trousers, swallows some powerful homebrew health restore and strength potions and does ten rounds of bareknuckle boxing against that punk bitch Vivec (Ali boma-ye indeed).
Enchanting is fantastic - there's nothing like coming up to some stupid Kagouti and whipping out my "Sacred Warhammer of 'I'm going to cave your nads in Beavis'"(demoralize creature) or "The Thermonuclear Amulet" (fire damage 100 points 40 feet on target) against a pack of cliff racers or the good people of Balmora.
It's not about becoming a God but rather becoming a superhero. Scroll of Windform and you're Superman, Fix the Boots of blinding speed and you're The Flash, Constant effect telekenesis amulet and you're Jean Gray, Constant effect water breathing helmet and you're Aquaman, Constant effect water walking shoes and you're Jesus.
