Well, the issue is:
-Either they nerf the spells to take into account the fact that we can cast lots of spells every round, we can imbue/desimbue at will, etc., making them feel weak and magic will be boring. Probably balanced, but boring.
-Or they leave them like that. And magic is overpowered.
As long as there is no limiting factor on the number of spells that can be cast each round and how many casters you can have, it's going to be this way. Several of use gave a solution (cooldowns), but any other solution that severly limits the number of spells that be cast in a battle works too.
I mean, AoW had a *GOOD* magic system because the amount of magic you could use were limited for each strategic turn. That meant that in a battle, you could cast a certain number of spells, and then you were out of juice. And if you had another battle in the same strategic turn... well, you could end up in a difficult position if you weren't careful with spell points usage.
That was a good system. You could use powerful spells (never more than one per combat turn), but if you did, you'd end up not being able to cast any more spells for that round after 1/2 (early game) or 3/4 (late game) spells.
Elemental desperately needs a similar mechanics. We shouldn't have more than 1, maybe 2 touch of entropy per strategic turn. Powerful spells need to feel powerful, and they need to feel like they're a big deal and you have to time their use carefully. And lesser spells still need to feel like magic, not like a sling. I'd rather not be able to use them often but have them feel strong when I use them.