Offensive magic overall is pretty lame at the moment imo, due to ability of anyone to build 8:1 schools and go ham. I think Fireball hasn't quite been totally nerfed yet, so with crazy schools it could still be quite potent.
My idea to balance all the offensive magic problems was to cap the effectiveness of schools at something like 3:1, which would prevent anyone from creating a glass cannon kingdom. I couldn't convince Keeper that my idea would work though - maybe he's right, the old guide did stress the importance of all kingdoms using magic after all.
I think what magic needs to become useful offensively is to create new spells that can do more things, and maybe integrate wizards into the combat system somehow, and add new techs that can add more power scaling and features. Or maybe combine them with a new thievery system somehow (schools train wizards and thieves or something idk).