I was just tallying up the different skills, (passive, magic, stamina, and ultimate) and without the Emperor, Werewolf, or Vampire Skill lines there are a total of (assuming I counted correctly) 298 skills (if you count 1 morph for appropriate skills) and depending on who you talk to it looks like there are somewhere around (not counting what you might get from various sources in Morrowind) 350 skill points you can get.
So are there more skill points than skills you can spend them on?