From what i can tell after 8 hours of play this game is very similar to dungeon master also for the party composition, which means the best combo is 2 mages back, and 2 ranged front with good evasion or defensive capabilities, into specific for this game it seems its better to have 2 rogues front (forget the melee skills), or anyway 2 chars that can excel at ranged, as 99% of fights will be done moving and keeping the mobs out of range, so the melee classes/specs are surely the worse.
In theory the best dps is doable with 4 mages, but at start i imagine it could be very hard to survive, not sure if its even possible, as mages need some skillup to become effective.
Atm im playing with 1 warrior (skilled for defence/tank), 1 rogue(skilled for ranged/evasion), 1 fire mage, 1 ice mage, i am at level 6 (the dungeon level) and i think it should be possible to go to the end with this party, anyway i dont think im playing with the best one.