I agree that the price of spells is outrageous. However, the sellers may realize that they are asking too much and be forced to lower their prices. And if the market is flooded with spells, the price drops. That is the economic effect SOE wants. Until then, we will be gouged with high prices.
I have not been able to update my three main spells; Seism, Shattered Ground, and Spiked Rain out of App1. It seems to have no impact though, I layer on all my DoT's (even the small ones) send in the pet, and when in a group, we DPS the mob to dust.
I might be able to take on slightly higher con creatures if I upgraded, but I haven't needed to so far. Meaning, I don't take on the really hard mobs solo.
Still, I plan on getting them to App3, App3, and Adept+ as soon as I can. May as well do max DPS.