I think the Improved Alacrity only removes the "one spell per round" penalty and allows you to compress spells together as fast as the casting time allows (this is a very useful spell by the way, especially with the robe of Vecna and the Amulet of Power). The Time Stop/fight technique is very effective, and you will face at least one opponent who emplys it against you (or poor Minsc in my case).
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