I think it's a little exploit-y. My opinion on that is based on the fact that you couldn't do anything quite like that in a previous TES game, while Bethesda won't patch it out of the game and will refer to that aspect of the game with a wink and a nod, you likely won't see that capability in the next TES game. To me it's kinda like the constant effect weapon absorb health weapon enchantment in Morrowind, or the 100% chameleon enchantment in Oblivion.
That's not to say that I'm against it - quite the opposite actually. I did each of those things on the old games, and I plan to eventually stack my abilities for super enchantments in Skyrim. After finishing the quests, the pursuit of making my character invincible is one of my favorite parts of the game.