Shame on you, you didn't put Dominions 3!
Out of the box 687 spells. Plus those of the new nations and those added in various mods, the reesult was the following change by the developpers:
22nd July 2010
* Modding: Maximum number of spells increased from 1200 to 2000.
But the real issue with spells in Elemental isn't the number but the variety.
There's a direct attack spell in each school. Since each predesigned sovereign has access to all the elemental schools, it means they have 4 times the same spell. Oh, wait, there are elemental resistances... Mmm. You're probably set with 2 spells, not the four of them.
Brad said he knew the UI for spells and the spells themselves need work. I don't think we will see the new version before the release, though, so I think this may still change in a patch afterwards.