The name of the spell book is a horrible immersion breaker, at least for me; it just doesn't work with the MoM-successor, Tolkien appreciator, Song of Ice and Fire fan talk.
The spells themselves, generally speaking, make sense in the hazy framework of the post-Cataclysm game world we're supposed to be in.
The 'balance' stuff I can't say much about because the game's still changing rapidly and I've never cared very much about scores/winning/whatever. I'm still waiting for a TBS with a 'victory condition' that depends on both surviving to meet a milestone and having 'made some good friends' along the way.