Speed is somewhat useful though, isn't it? It boosts your starting AP (through Initiative), AP regain and movement, all of which come in handy during combat. Your main stat is probably still the superior option, but I like how Speed increases your freedom of movement. I would say Perception is the true dump stat if you're not playing a ranger.
I also don't think Earth magic is that bad. Deadly Spores is fairly useful, and Boulderdash can be devastating if there are several enemies lined up after each other. Earthquake is a bit worthless though, a mage is rarely going to be in a situation where it would be a good idea to use it, since it hurts both you and your teammates as well. My suggestion would be to make at least the caster immune to its effects.
As for Water magic, Winterbreath is a bit underwhelming right now, especially considering its high AP cost. I think it would be better as a mid-tier spell in terms of AP cost, or at least make it have bigger range. At the start of the game my water mage was almost useless since I didn't have enough AP to cost any water spell other than Ice Shard.
Another thing that seems off right now is Fear, I have rarely seen NPCs make their saving throw against it, including the undead. It's overpowered and/or needs to be more context-dependent.
