First of all, I do like the way RFIV is balanced right now, mostly. But it's obviously not perfect.
I especially like that there are lots of skills that are worth buying & using at level 1, and buying the 2nd level just makes them useful more often, but a level 1 skill rarely becomes redundant just because you got a level 2 skill. (For example with Life Spike, the electric skill that spreads to 4 targets, all of the Ice Mage skills...)
I imagine part of the reason for bringing this early release version online must have been to see how the balance can be improved. Now I could provide a list with "Fireball 1 is good, Fireball 2 is not worth it. Ice Shield 1 is worth more than Ice Shield 2 (because the hp shield of Ice Shield 2 regenerates too slowly), which breaks the established patterns. Dominate 2 is worth 2 skill points, but upgrading Dominate 1 -> Dominate 2 is not worth it..." but in that format it would be very difficult to combine the opinions of different people. And I haven't memorised the list of skills, so you'd be getting incomplete surveys, which makes it even harder to determine whether there is a majority opinion among players.
If you don't actually want a systematic review, but just the things that bug people most, let me bring these points to your attention:
- Ice Shield 2 regenerates too slowly
- There's this skill where level 1 gives +20% and the second level only 10% (for a total of 30) to magic power
- The electricity skill where damage spreads between enemies, level deserves to have at 2 range (up from 1.5)
- Dominate 1 would be good enough probably if you could only dominate 1 creature and required skin contact
- Freeze 1 should probably apply a 50% reduction to damage applied to frozen enemies
- Buying enchantment scrolls from the Enchanter is too expensive. The librarian sells 2 scrolls for 75, the merchant 1 scroll for 50
- I think the Ranger would be more interesting if you got bonus range with Power Shot 2. As is, I usually buy the Perfect Aim talent and Piercing Shot 2, and never invest in Power Shot 2 or in the skill where you shoot 3 arrows. The 3 arrow skill is far more interesting if you don't already have massive range.