Arcanum was everything to me. But lacks in party members management. I would love to get Arcanum HD with 6 fully playable caracters. But still, unfortunately for me, you seems to be right ..
The graduation between steamwork and magic which does not allow to be efficient enough in both field was a bit frustrating. i.e. more critical fail with guns when using a magical character. But still a good balancing stuff. I totaly agree with this post, except for one thing: I only played ARCANUM in real time fighting ! (thank you Sniper). Also, the dog was awsome, fighting golems without breaking melee weapons ^^.