Shadowbolt >>> Flame Dart
It's more powerful on average I believe since it deals fixed damage, unlike Flame Dart whose power varies a lot (maybe I'm just unlucky, but for me it does less than 1/2 of the max damage quite often), not to mention Shadowbolt's impossible to resist. Oh, and it also costs less mana to cast.
That's not to say Shadowbolt needs to be nerfed.. quite the opposite. I think that most spells are too weak right now, especially compared to the awesomeness that is Shadowbolt. Also, I tend not to use anything with casting time.. usually by the time the spell is ready to be cast most of the enemies are already dead.
I'm pretty sure Mana blast is still in the game.. I seem to remember getting it a couple of days ago. Didn't get a chance to use it though since it was already the end of the game..