I'm really confused about this.

For 150 mana you get either +1 Attack, +1 Initative or +3 Hit Points.

150 mana isn't a lot in the mid to late game, especially if you focus on mana production, so this is an easy spell to use often.

As a result I'm really struggling to see the point in spending precious trait-points on Traits which simply add 1 or 2 Attack, Initative or a few extra hit points - for a few hundred mana I can get all three of these anyway.

Am I missing something, or is this spell just a bit overpowered at the moment?

I'll be honest - I often save up a few thousand mana and then use the whole lot to repeatedly cast this spell on one of my champions - buffing them from an average champion to a very powerful unit. I don't really consider this cheating because the game allows me to do it, but it does make a huge difference to your strength in combat, and as I said earlier it makes a lot of the trait choices seem a bit pointless.

Loving the beta BTW, I have already clocked up far too many hours..