Sight is your character's sight range, and increases the area cleared by the fog of war and the distance at which you can see opponents (up to the maximum, the distance shown by the mini-map -
sights and weapon range).
Sight bonuses can come from skills (Elven Sight is much better than Ranger Sight in that regard; both list the sight bonuses in their descriptions) as well as equipment bonuses. Playing the original release (so 1024x768), I put a point into Elven Sight and eventually started avoiding using too much equipment with sight bonuses, so the fog of war cleared wouldn't be much larger than the screen size (to help keep track of areas that had been explored).
Wizard's Sight can be cast away from your character to temporarily clear the fog of war. Cast it again in the same location, before the fog-of-war fills in again from the first, and it will remain clear. Hold the Shift key down (or enable Caps Lock) to move the screen focus away from your character and towards the area you want to clear.
Heaven's Gift is a relatively slow way to get a practically unlimited supply of potions, low level loot and gold. Starting at level 2 or 3 (don't recall) you can get regular health and mana potions, which you can then mix (with Alchemy level 1) to get a restoration potion to re-fill your mana, so with a moderate supply of mana to start with, the spell can be cast repeatedly as long as your right mouse button can hold out.
You'll be the richest person in Rivellon just by looting everything, using loot to trade when possible and maybe repairing any equipment not at full durability before selling.