The title really says it all. Which of the Schools of Magic (including enchanting) is your favorite, and why? Is there an interesting story about why you have a favorite? Be sure to share it in the comments.
My personal favorite school is Conjuration. It's the most useful in a variety of situations, and it the most supplemental to other skills like archery and one and two handed.
Gameplay wise? Conjuration. I love summoning things.
"Lore" wise? Alteration. It's in the name. Simple alteration of the world around you. I wish the game implemented even more powerful spells under this school. As Savos Aren said, magic can shape or destroy worlds. I'd prefer to shape them.
I have to agree with you, there. When I write about magical characters, I go nuts with what they can do with Alteration magic.
My favorite move is changing your body's density so you float up into the air, and then making yourself way more dense than normal (like 100x more dense) and landing on people.
As a longtime player of clerics in all sorts of RPGs, Restoration in its various forms is my favorite school of magic, but it tends to be underpowered in TES. Dragonborn is finally bringing in some of the more useful offensive Restoration skills. Oblivion had a few, but they weren't very effective.
Conjuration, for me it's the most fun and the most useful. And when I play Mages, I like for them to have a darker edge. Been using Illusion a lot though lately with my Breton Arch-Mage Evelyn (who wants to explore all schools of magic), and I have more of an appreciation for it. Never used it too much before, but I am having a lot fun with it.