I haven't started enchanting or soul trapping very much yet, but I think the power depends on the soul you've trapped. A grand/black (yes, I think they're the same) soul gem should be grand soul level to get max out of it (1800 I think, but I'm not sure).
So if you've trapped a rat in a grand soul gem it will have very little enchanting power. I'm not sure what creatures give max power in Oblivion. Golden Saints and Ascended Sleepers(?) gave max power in Morrowind, but I don't think they're in Oblivion. Anyone?
And I'm not sure if the skill level is relevant, but probably, although there is no longer enchantment skill in Oblivion like in Morrowind.
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Do not take me for a conjurer of cheap tricks!
Gandalf
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