PaulMuadDibUsul: This question is for people who finished LoG at least once. What is more beneficial - one or two elements (eg. Ice and Shock)?
If we max out on of them, then we have a very powerful mage, but not all of the monsters can be killed with it. So maybe two not-so-maxed-out elements are a better option?
My thinking at this moment is, as someone else has already posted, that additional points in a spell school do not increase spell damage, except in that they take you to the point where the "advanced" damage spell is available. The tooltip when you hover over a spell school is ambiguous, in that "efficiency" could be increased either by more damage caused or less energy used per cast.
As an Ice Mage (insect), I will get 51 - 69 skill points by end of game, depending on whether or not I take the "skilled" trait and on how many of the "tomes of wisdom" I give the mage. I really only need 24 pts in Ice, as the elemental resistances further down that tree are not needed. It could be argued, too, that I only "need" 18 pts in Spellcraft, as additional points are energy related, and not damage. So that leaves 9 - 27 points to put elsewhere. 9 pts would not buy much, but 27 pts is enough to get to the advanced damage spell of a 2nd school.
Taking "skilled" as a trait is good, but giving all three skill books to the mage character might not be what you want. For my own part, it was not what I wanted, so I have not tried the two school approach. If I did, I would go Ice first, and Air second. But I'm into rogues at the moment, so it will have to wait. :)
Finally, if it turns out that additional points in a school DO increase the spell damage, then I'd stick with just one damage school. I'll test this when I get back to mages.
EDIT: OK, I had some time today to test, and I'll have to recant my previous assumptions. It was difficult to get good data (fireballs in the face, dino chewing on me, etc)., but the trend seemed clear: lightning bolt increased from avg 77 to avg 98 damage as air magic skill increased from 16 - 24. Greater lightning bolt increased from avg 117 when I first got it at character level 9 (27 skill) to avg 170 on character level 13 (32 skill). I don't trust my data, as I"m sure I misread many samples; and then there were many that I didn't capture at all. Nevertheless, each nuke got progressively better as I leveled up and put more points in the skill. That's my story, and I'm sticking to it.