Clairvoyance

Type: Other
Strategy: This spell will illuminate an area into view. It is quite a time-saver for scouting locations and, even though the fog of war is left on, you can glimpse bits of puzzles. Though it is useful at times, memorize it only when it's needed. For a look at enemies, try the farsight spell instead.
Importance: Low

Detect Illusion

Type: Other
Strategy: Though this spell dispels any level 3 or lower illusion, most illusions level 3 or lower pose little threat. This is an almost entirely useless spell.
Importance: Low

Dire Charm

Type: Charm
Strategy: See the charm person spell. This works in almost the same way, just with a better chance of not getting resisted. That makes this usable, but not a must-have spell.
Importance: Low

Dispel Magic

Type: Dispel
Strategy: Most spell-induced ailments and magic effects can be cured with a cast of dispel magic. Since the level of the caster in relation to the level of the spell being cured is important, have your higher-level characters use this. Though this spell is very important to have around, paladins get some casts of this as a special ability. If you have one in your party, this can relieve some of the stress off the spellcaster.
Importance: High

Fireball

Type: Area damage
Strategy: Affecting a huge area with all creatures - friend and foe - in the area taking damage, this is a great spell to start a battle with. Before you move your party in, send a fireball flying forward to do some early damage without your party being hit. The damage dealt is fairly high and increases with each level. This spell will stay with you for some time.
Importance: High

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Be careful not to cast area effect spells like fireball too close to your party
Flame Arrow

Type: Missile damage
Strategy: Much like Melf's acid arrow, this sends a flaming arrow at an opponent. Dealing 1d6 damage and 4d6 damage on top of that in fire damage, this spell packs a nice punch. With more arrows gained with higher levels, this spell will continue doing moderate damage for quite some time.
Importance: Moderate

Ghost Armor

Type: Defense
Strategy: With the effect of lowering the target's armor class to two, the spell can perform well. However, the effect is simply not good enough to warrant using it over spells like mirror image, haste, and fireball. If you feel you need more armor, give this a look. Otherwise, pass over it for any of the aforementioned spells.
Importance: Low

Haste

Type: Imbuement
Strategy: Of all the spells, this is simply one of the best. Doubling the movement rate and adding an attack round to everyone in the area, this spell will make the battle go nearly twice as fast. Killing enemies faster makes them hit you less. So, like many other spells, the imbued offense here is the best defense. Cast this before any difficult battle, then go in, hacking away. The single downside is that when the effects wear off, your party will be tired and drowsy. To compensate, simply cast it again during the next battle.
Importance: Vital

Hold Person

Type: Hindrance
Strategy: This spell freezes one humanoid-type creature in place, letting you do anything to it without consequence. Early in the game, when the spell is not resisted, it can work wonders against humanoid enemies. Later in the game, its use tapers off.
Importance: Moderate

Hold Undead

Type: Hindrance
Strategy: See hold person. Hold undead has the same effect, but since undead are easily warded with the clerical ability ward undead, it is usually easier not to bother with holding them. Also, undead are usually found in hordes, so the effect of this spell is negligible.
Importance: Low

Invisibility 10-foot radius

Type: Imbuement
Strategy: See invisibility. This spell has the same effect, but since this covers a greater area, it can affect more people. Whether this is beneficial or detrimental is dependent on what you are using invisibility for. If you are trying to shield a mage from being hit, for example, the lower-level invisibility spell works better.
Importance: Moderate

Lightning Bolt

Type: Missile damage
Strategy: Dealing a maximum of 10d6 damage, this spell packs a huge punch. Since the spell streams around the level, bouncing off walls, keep in mind that it cannot only hit multiple enemies, but also party members. If positioned properly, so that it never bounces back, it can be used very efficiently to hit many enemies for lots of damage. Putting this in a spell trigger works well, too.
Importance: High

Melf's Minute Meteors

Type: Missile damage
Strategy: Creating many small missiles that deal +3 damage with +3 fire damage that a wizard can throw at a very fast pace that increases with each level, these are nice to have against enemies like trolls. Since trolls take fire or acid to kill, sending one in to finish a troll is not only easy, but leaves you many more meteors for many more trolls. Otherwise, the spell is still good, providing a nice missile weapon.
Importance: High