Wisdom is primarily of benefit to priests. The extra spells are only given to clerics and druids, not mages. The extra spells are concurrent, i.e. at wisdom 18 a priest will get 2 extra 1st, 2 extra 2nd, 1 extra 3rd, and 1 extra 4th level spells.
I believe a wizard gets the lore bonus but that's it. (maybe the spell failure at low wisdom?)
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