You can also enchant with sigil stones which effectively contain their own enchantment effects instead of pulling from your spells. Also don't think you can fail, but there is a gold cost associate with the creation process. You can put the same enchantment on a copper ring that you can on gold. There is a failure chance to create the enchantment based on your skill and the strength of the enchantment. Items have different enchantment capacities based on their quality, and more powerful effects use up more capacity, and the strength of the soul used provides the charge pool for the enchantment with a minimum amount of charge required to make constant effect enchantments. You can add as many spell effects as you wish. You choose duration, magnitude, range, and if it's on-use you choose a target (on-self, touch-attack, or projectile). You decide if it's a constant effect, on-strike, or on-use.

Morrowind: Enchanting lets you place a spell that you know on a piece of equipment. What are everyone's thoughts on enchanting in TESVI? I'd like to see an amalgamation of the best parts of the last few systems (a lot of it coming from morrowind).

Morrowind enchanting constant effect