Spell of Making doesn't make me the Grand Poobah of the Universe
Summon Titan doesn't summon anything
Arcane Strike says it does damage with the white numbers and all, but it doesn't deduct the damage from the targets' HP.
Wall of Fire does 0 damage.
I haven't cast every single spell yet, so this is just what I have noticed so far. If I am casting wrong please let me know 
Also, flood works magnificently on wiping out any city with a radius equal to its own (i.e. level 1 cities). Anything more and it then becomes fairly impossible to kill the city via flooding. For some reason it keeps one of the underwater squares active as part of the city, tho it no longer grows or can build anything. Fairly nifty though for cleaning up minor races with 1 swat 
Can see this being a world breaker in Multiplayer tho, unless cities get saving throws and such. A caster with this spell and teleport can ruin your empire in short order. Of course that means I can ruin someone's empire in short order too
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For those of you who want to gimp yourselves by raising your strength instead of essence...Bring it. I got a whole army of summoned giants, elementals, and demons that cost me 0 gold to build or upkeep...that is if you can make it across the archipelago that used to be your continent...