Well what to say here? uhm..

Full list of effects:
Base armor rating of 600. (cap)
Spells cost 100% less to cast.
All Weapons deal 200% increased damage.
Increases carrying capacity by 200.
Resist 100% of magic/frost/shock damage. (cap is still 85%)
Resist 200% of fire damage. (to reach cap as a vampire)
Resist 100% of poison damage.
Can fortify weapons and armors 100% better. (same as a full set of this w/o alchemy)
Unarmed strikes deal 100 additional damage.
Resist 100% of diseases.
Take no falling damage.
Can breathe under water.
Sneak attacks with one handed melee weapons do double damage.
Created potions are 100% more powerful.
Prices are 50% better.
Time between shouts is reduced 20%.
Block 100% more damage with your shield. (cap is 85%)


Credits:
Paicalor for some ideas.