Since you brought up M:TG... Red was the undeniable champ of direct damage.. but wasn't the only color capable of doing so. The other colors that had the ability played on their theme. Example: drain life.. a black direct damage spell.. it wasn't as mana efficient as a red DD spell but also had the added benefit of giving you the damage in life points.
My point was more general than specific, but if we are going to look at specifics, then I'd suggest any two spells in FE intended for similar purposes in different spellbooks should differ somehow. A fire spell that administers a lot of direct damage should cost a lot, but a death spell that administers the same damage might cost less while also draining the life force of either the caster or another team member in battle. Which I think fits in well with your next point:
What I personally think needs to be done is to really develop what they want each element to specialize in and make sure that its good in its own way. Sure give some of them some DD capabilities but fire should remain the best DD while other elements become the best at whatever their selected specialization is. That was what M:TG was back in the olden days when I played it, and from what I rememeber from the last time I fired up the beta FE fails at this, Every element has 1 or 2 useful spells.. and a bunch that never get used. Each should have plenty of USEFUL spells that play to a theme/specialization. If not then every game ends up playing out the same because the player wants useful spells and gets pigeonholed to a few specific elements to achieve that at this point.
I agree that every ability should have its counter, and every spell should have its use within at least one given strategy of gameplay, but hopefully more. The current spell trees seem a bit pale, in this respect. There are quite a few spells I can't conceive of ever using. I would like to see all those new spells that my research has just provided access to, and figure what a treasure trove of knowledge my sovereign has just acquired, with but the investment of some time and effort to unravel. As it is now, I never use most of what I get. There's no perceived need for them.
On a side subject, I think that spells that are truly all-purpose in some way (huge damage, huge heal, etc) should be available, but at such a cost as to make them prohibitive in all but emergency circumstances. Sure, this spell can heal all the damage your entire team is suffering, but do you really want to suffer the loss of your last major advancement in life spells afterward, as a result? Draconian, in a non-Fang sort of way, but I think the point is valid.
And I'd also like to see spells applied by adepts in two elements form synergies, if possible: a chain lightning spell with a fire component might shoot flames that bounce from one enemy to the next, etc. A boulder spell and an air spell might create an explosion on impact spreading dangerous debris over an area, etc.
Sure throw a few spells of different types in each elements book but work to make each element the Best at its chosen specialty, not only with one powerful spell of that type but a variety of spells that fit the criteria giving that element more flexibility in HOW it can do the selected specialty. You could even give them a minor.
Agreed, and nice choices, by the way. I would go so far as to advocate themes in a couple of instances. As in M:TG, death magic has powerful summons and direct damage, but with a personal price. Or a shortterm benefit with a longterm drawback, such as healing a unit in battle completely, only to have it die directly after the battle finishes. Life is all about healing and regeneration, and might offer summons as well that healed your team, but did nothing else, etc. Given the sheer variety of damage types, melee and magical, in the game, that would leave Life magic with a lot of spells.