If you got the time, yeah, it is a good idea to have a Stam/mag version of each class and at least one healer and tank too, that way you can play how you want/need to at the time.

Personally I have 10 toons, with each being a different race/class combo, each as close to the meta as I can stand.

My main is an Argonian Templar healer, the rest I made cause I was getting drops that I could not use on him. The rest of my toons are as follows, I could list out why I choose the race I did but I think it is obvious-

High elf Mag sorc
Imperial dk tank
Redgaurd stamblade
Khajiit stamplar
Orc stam sorc
Dark elf Mag dk
Breton magblade
Nord warden tank/healer
Wood elf Stam warden.

Lots of people still grinding characters. You still see tons of Magicka Sorcs because:
1. Morrowind just released. Everyone has maxed out Magicka Sorcs since they grinded them/their gear 1-2 patches ago. Also people are familiar with the rotations/playstyles of Mag Sorcs atm a lot more than any other DPS. Instead of grinding like crazy, people would rather play new content immediately and grind overtime when the initial hype dies down on Morrowind.
2. They're still strong for DPS, but longer OP.

As for the meta.... give it another 2+ months. Sooooo much changed in Morrowind that no one knows what is even close to being truly optimal.

From what I know it'd likely be a mix of Stamina as well as Magicka. Things are balanced quite well here. There is a clever setup this patch that groups aren't using yet that allows for insane raid DPS.

As long as you don't play a Magicka Warden your DPS will be high.

whhha me...cough..cough

http://tamrielfoundry.com/topic/dark-priestess-pug-proof/