Hey guys. I've been lurking in this thread for a while now. I figure it's time I spoke up.
I've been playing this since December 7th. My party is "Pastry Pirates". I haven't been putting lots and lots of time into it, but I've managed to get my party up to levels 9-10.
My mage is now level 9. The most useful spell, so far, seems to be energy beam. It only costs one magic point, always hits and is never resisted, and seems to do from 3 to 12 damage, averaging about 6. Not exactly great damage, but always hitting is useful, and with level 8 recall, I seem to run out of turns before I run out of energy beams.
The other damage spells don't seem too great. Flame's damage doesn't seem good enough to justify 5 magic points, and it tends to be resisted half the time. Poison blast seems like a complete waste of 6 points, especially considering that it's resisted a lot. I haven't messed with Ice Bolt, though. If it freezes enemies like ice damage on weapons sometimes does, it might be worth it.
Confuse seems kind of useful, though, and is only 2 points. Entangle might be useful if you run into a very powerful enemy, but I haven't run into a situation yet where it is worth the 8 magic points. I'm guessing it will be more useful at higher levels.
I'm not exactly sure if mages are worth it.. seems like another warrior or priest would be more useful. I'm sticking with him, however, hoping that he'll be very useful at high levels.