It's as they say... "magic"...

Ah damn my masterplan to extort information from the devs has failed miserably lol.

But in all seriousnous will it work like in the Elder scrolls series or will it be (which in my opinion to be better) more wide-reaching, effecting the majority of the population style magic, like one individual can after a lot of effort and has the very rare talent, cause a  massive drought? 

I have never played Sword and Sorcery so I will read up on it. 

Hum... Interesting... Even though uncommon, will it be attainable during one's lifetime, or just available to those few selected by talents and/or other traits?

I imagine through talents so possibly the majority can't practice magic.

This means those who do will be a valuable member of any group. 

1. Find a witch/sorcerer
2. Get married
3. Hope for a magic to be inherited by your offspring
4. Done

You don't need to get married, they are called concubines you can get many of those! 

And you do believe that if there are no family / emotional ties a sorcerer/witch will willingly give away his potential apprentice, an apprentice of his/her own blood? Good luck with that.

I would imagine they aren't god like, mere muggles could capture them and force them to work for you lol. 

Did not have time to imagine. I have placed my faith in Elyria Gods:

"Magic in this world is both feared and revered. It is fairly uncommon, and extremely powerful."

Knowing that, I hardly believe that you will be able to enslave a witch/sorcerer not to mention to mate with them!

I imagine there will be a evil master necromancer eventually which brings back a undead army and it takes the full might of the Player factions to take him/her down. 

Fun times. 

I know it will always be, it'll make those with talents very desireable.