I'm with Xinnamin, it's not so much I want the magic meter back so much as I want spells back.
Don't get me wrong, I love the increasingly mechanical feel of the games, it's making them into something more than just a stereotypical medieval fantasy, which I find boring. However, I do want to be able to shoot fire and lightning from my hands again! I think certain things to have come along since then, such as the stamina meter, make more sense and are better integrated. However, I do want the ability to shoot ice arrows and envelop myself in a ball of fire again, because that's awesome. I would want the creators to integrate both magic and high technology together in a cohesive manner.
Perhaps they could pull this off by integrating magic spells into the weapons upgrade system, where if you find a certain rare stone you can add it to your bow or whip or whatever and add that magical ability to it. This can be switched out for other spells at the forgery. Yeah I think this can work!