I agree with El_Kalkylus - as bards can only memorise level 6 spells with the exp cap on, magic missile is brilliant - because of its really quick casting time you can cast it while in melee battle - which is what a bard should be about IMHO. Shoot a magic missile, then use ranged attack until your foe gets up close. Then switch to melee, firing off magic missiles every so often. This works especially well if playing a dual-wielding Blade - just launch straight in to melee, a couple of magic missiles and an offensive spin should finish off all but the toughest foes. Especially if you have cast stoneskin or mirror image first.
For mages, a different tactic is required, but magic missile is still a necessary item until you reach a high level when Chromatic orb does more damage - and the added effects can take your enemy out with one blast.
Fireball is good for spell disruption on a group of spellcasters as is cloudkill. Insect plague is the most useful priest spell IMHO - spell disruption and small but continual damage can buy breathing space for your party when facing a tough group.
------------------
Time is an illusion. Lunchtime doubly so.
Epona of The Laughing Hyenas and The Ladies Guild.