A real world analysis of the standard spells of the Vancian college:

A concise guide to spells by Laniss, Mage Ascendant of the Stoneheart Valley.
 

Cantrips:
Acid Splash-Limited range, minimal damage, no long term effect. Has some value as a defence of last resort, but rarely worth the effort.

Arcane Mark-Useful means of marking property (or persons) for later divination or conjuration. Has applications for disguising runic traps or for cowing weak minds.

Bleed-Cause an already dying opponent to bleed out. If I need to explain all the ways that is moronic, please put this book away and find yourself a sword, you are not ready to explore the arcane arts.

Breeze-May be useful in crossing a desert, but there are better solutions. In most other cases, it's applications are far to niche to be worth the effort.

Dancing Lights-With a creative mind, this spell can be put to great use. The spell can only be maintained for a limited duration, but it should be more than enough for most, however it is not particularly effective as a conventional light source.

Daze-Has value when dealing with the weakest of minds, but even they will not be fooled long. Can be useful in certain market places, if an appropriate partner can be found.

Detect Magic-Mandatory. If you cannot understand why, again I refer you to the nearest armourer's workshop. 

Detect Poison-Can be useful in certain social situations (and has in fact saved my life on a number of occasions). Outside of those, the time to cast it can be better spent. When in doubt, assume poison and react with appropriate prejudice.

Disrupt Undead-Useful for incautious young necromancers and those exploring tombs for useful relics, but I personally find holy energy difficult to focus, and therefor rather lacking in raw damage. Better abandoned once one grasps the higher mysteries of the arcane.

Drench-I once had an apprentice use this spell on a spellbook of mine he had inadvertently lit on fire. The fire was successfully extinguished, as was his future at the academy.

Flare-You could just as easily flash a mirror in someone's eyes. Do not waste your talent on such trivialities.

Ghost Sound-A truly powerful spell in the hands of a creative mind. Can be paired with other illusions, can be used to lure opponents into a trap, to entertain, the possibilities are endless...

Haunted Fey Aspect-I watched a classmate use this spell to defend himself from thugs he failed to manipulate. Two of them looked rattled, but the leader decided to press the attack. His death serves as a good example.

Jolt-See Acid Splash

Light-A staple. Will save you the trouble of keeping a candle burning while you study, and has applications that run from exploration to misdirection. 

Mage Hand-Supremely useful. From setting off traps to aiding in lab work, this spell will save you plenty of legwork.

Mending-When you work with delicate equipment or witless thugs, it pays to be able to repair things with a minimum of fuss.

Message-An excellent way to pass messages, weather in a king's court or a dragon's lair.

Open/Close-Useful for the wary or those who wish to make an entrance. A worthwhile spell, but there are others likely to grant greater rewards.

Penumbra-Unless you find yourself working with someone who suffers under bright light (or you are yourself so afflicted) this spell is of little value. But in those cases, it may alleviate discomfort.

Prestidigitation-An immeasurably useful spell. From keeping you wardrobe clean, to creating paperweights on the fly, to ensuring you look appropriately dramatic when confronting common folk, this spell should always be available to you. As a matter of fact, I regularly make use of it to cover up the unfortunate odors of a number of my traveling companions.

Ray of Frost-Like Acid Splash or Jolt, a minor attack spell. Rarely worth the effort.

Read Magic-Yes.

Resistance-A minor defensive aid, but a useful one. Also a cornerstone of defensive item crafting.

Root-Situationally useful, but if you know in advance you will be fighting a foe who utilizes such tactics, this spell can be helpful.

Scoop-Buy a bottle, use Mage Hand.

Spark-Useful utility. No longer worry about carrying a flint or needing a taper to light your study. If applied creatively, can also have combat applications.

Touch of Fatigue-Any spell that forces you into reach of your enemies is a spell better left alone.