My apologies for posting delay; my weekend was busy, and included both preparations for an accounting test and an incredibly difficult encounter when our gaming session met.
TL;DR:
a) MMSF is awesome, especially at low levels
b) Buying spells is awesome, even necessary IMO
c) Mirror Image is good, but don't knock Mage Armour. Greater Mirror Image, on the other hand...
I agree with all of these points. 2 spells per level for a conjurer, when I pretty much need ALL OF THE 2ND LEVEL SPELLS because they're so damn good, is not enough. its 300gp per spell, and I think I can afford that now that we've happened across some more gp and magic items. I'm carrying a few unidentified magic items (a necklace and a wand) and the rest of the party has some other gear.
After fighting an enemy wizard and meeting the duskblade, the party was dropped down a trapdoor garbage chute. We fought some eye-things (lurking stranglers I think? I make a point of not memorizing monster info or looking through the Monster Manuals because I don't like metagaming that much) and 2 oozes (not at the same time).
The last fight (and remember, we were all at level 3 in a low-op environment):
Us: Me (focused specialist conjurer 3 with abrupt jaunt), barbarian (dwarf with reckless rage, extra rage, power attack, and I believe a level of fighter for the feat), duskblade (his race is a mystery and plot-related, and I don't know his feats), scout (plans on taking levels of ranger with swift hunter), cleric (a bit of a luck theme to him, summons things and buffs the party), and a kobold bard that we met whilst in the dungeon
Them: 2 CR 6 augmented ambush drakes and some trap in the corner made of crystal that cast a few spells (I think earthen grasp, something prismatic, a spell that did int damage).
We got our asses handed to us. We rolled poorly, our barbarian hardly hit. Eventually, the barbarian lost most of his ac to both raging and dex damage from the ambush drakes' poison. It didn't help that the drakes got 22's and 23's to hit. The barbarian was also hit several times with slow breath, and he ended up fighting most of the fight from prone (I don't remember how he fell). Our duskblade took int damage and couldn't cast, then took either str or dex damage and couldn't do anything. The cleric burned his spells for healing, because otherwise the barbarian would have died. I went through all my spells (no reserve feats or anything just yet). I had 3 grease spells prepared, 2 sculpted. I had at least 1 glitterdust. I had a web spell. I went through all of it, and their saves were stupidly high, like fort +11, ref +6, will +5. My dc's are either 15 (1st level spells) or 16 (2nd level spells) and I don't have the feats available to take spell focus. The only thing I could have done differently (as we didn't rest before the encounter and were never given any indication that we should have ran away, or that the encounter would be that difficult) was prepared less greases and more benign transpositions so that the barbarian could have at least gotten to stand up without provoking an AoO that he couldn't handle. My wizard ran from the combat after blowing all his spells to little/no effect. I had to leave early (someone else played my char) but I gather that the DM pretty much threw us the encounter near the end. It was unpleasant.
I did gather that spell focus (conjuration) wouldn't have done much (I dunno if a 5% chance is worth a feat that could be doing so many other things) and that sculpt spell for free saved our asses. The LAST thing we needed in that encounter was the enemies making their saves against my spells while my allies failed their saves.
To those of you talking about wealth by level: When does the DM just say: "You have gold as per the DMG, buy stuff" except at character creation? The gp we find is divvied up among the party equally, and a good portion of our wealth is tied up in magic items, many of which we haven't identified because we want out of the dungeon we're trapped inside.