Steam Forums user nkhoang has released a controversial macro tool called the Magicka Spell Helper. Basically you can assign spells to a single key. This would help on those really complex spells. It would also make it real convienant for speed boosting/personal defense shielding.
I guess it boils down to a moral issue. Macro tools already exist and are probably already being used by some folks. Some people have hardware macro enabled mouses. Personally I like the challenge of trying to recall a spell from memory. Since the game is cooperative I don’t have too big an issue if someone decides to use a macro tool. I would have a problem if the person went around disrupting the game or if Paradox decides they are going to release a deathmatch mode.
Anyway, you can read more about Magicka Spell Helper at the following link:
http://forums.steampowered.com/forums/showthread.php?t=1739914
Also please post your own thoughts on this utility.