This game is probably the coolest and most addicting game I've ever played in my life...ever. I'm a Level 30 Imperial Necromancer and just talked to the Greybeards. As soon as I left Whiterun, I went straight to the College of Magic.
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The College of Magic quest was EPIC and took a long ass time to finish. You have to explore about 4 or 5 decent size dungeons, and they're all sparsely located across the map for the most part. You end up fighting a really tough dead wizard guy who can kill you in two hits. It was so hard, I just hid in a hallway, shot firebolts at him, then ran away until he forgot about me and came back to repeat the process. That took forever.
Once you're done with it though, you get some COOL ASS SH*T. A mask and a robe that give you 100% magicka regen each, a staff that drains magicka and health from the enemy, and you're given a very respectable position within the College itself. You also unlock some awesome spell tome's you can buy from the magic vendors in the College.
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[This message has been edited by Baskin (edited 11/14/2011 10:45a).]