I've been reading through the different threads on magic, spell books, and spell power/specialisation, and come up with a method that I think could be a lot of fun.  One of the cool visuals I got was that a page in the spellbook has notes written all over it.

The way I visualize things working in character is that a group of mages work together and discover a new spell - Fireball.  The basic information required to cast this spell is past along to the Soveriegn, who puts it to use.  When using it, the Soveriegn sees the arcane formula and refines the spell.  The mages can then either move on to research a new spell, or work on refining an existing one.

Now, how does this work in game?

A player tasks his mages to research a particular school of magic.  They get a breakthrough, and the player picks from a short list what spell they want - and of course, the player wants Fireball.

In the Fire section of the spellbook, fireball is added.  They can then click on the spell to flip to the detailed page of the fireball.  At the top of the page it says "Fireball - Unknown Effectiveness."  There is then space for the player to place four runes in a row, a slider to show where in the incantation the caster is to put emphasis, and a place for the player to make notes to the side.

Each turn the fireball is used, the effectiveness of the fireball is updated next to the last formula used.  Think of it like a mini-spreadsheet.  As the player works their way down the page, the page gains more and more wear.

Each game, the fireball's optimum configuration with the right runes and emphasis is randomly generated, but it is the same for each player.  Players could compare notes, and work together to create the ultimate formula - or mislead them and waste precious time and resources.