Having played the game myself in those years, I've actually found that I prefer the Atronach birthsign. You get nice protection against magic, and the drawback isn't as bad as it sounds, because:
* You can attack your own summoned Ancestral Ghost to absorb its own spells.
* Magic items recharge over time, and you can place arbitrary spell effects into them.

Edit: I also happen to really like Atronach in Skyrim, and its equivalent (the Sorcerer class) in Arena, as well. Less good in Oblivion (though still manageable with Alchemy since it's easy to make Restore Magicka potions), and in Daggerfall you can just get the advantages without the drawback.