I agree with Zan to the extent that I think most people don't use magic well. However, I've always ignored in-game mechanics for magic, at least in PS, and I don't think anyone can accuse me of trying to make an all-powerful character just so I can run around and be a godmodder.
It's not practical to use the in-game mechanics to base your magic RP off of, though. The mechanics for magic right now suck. There are hardly any spells. Much like a thief has to ignore the fact that he can't actually mug, pickpocket, or accost anyone, nor can he climb walls to get away, dive through windows, stab someone in the back someone with his dagger, or slink around in the shadows, so a wizard has to ignore the fact that magic is pathetically weak with in-game mechanics, and there are too few spells.
If it's announced that magic is supposed to be weak within PS, then I would understand, but that has never particularly been my impression.
I do agree with Zan, though, in his complaints that "it's one of the things that is very heavily based on grinding ... another part is the lack of limitations when it does get used in roleplays."
It annoys the crap out of me to see some of the RPs that have been going around for the last while in which everyone and their brother seems to be possessed of surprising. unnatural, and nigh undefeatable magic power. They claim that they're not invincible, but they force other people to create characters just as powerful to defeat their own, and set a bad trend.