If you do the quest, it's long but rewarding (especially if you're a mage, I imagine). A couple of things -
1. That's where I met that badass
Ascendant Necromancer. Link goes to my post describing his fighting style.
2. After you're done, you will be presented with a choice. I'm curious what you two chose and the outcome. I'll tell you what I did after you finish.
3. This is a perfect example of how incredible Skyrim is compared to Oblivion. In Oblivion you did a minor quest to get Asura's Star. It involved something really stupid like collecting 5 bear pelts or assassinating someone. In Skyrim, you have to work through a 2 hour dungeon,
and then some. This game is amazing.