Spell dmg is Burst, melee is per second. there's no such thing as "mage dps" unless you're playing generic button mashers.
If you want MASSIVE dmg check out the fire specification for Mage. Fireball is deadly and you can even use it to knock opponets back into a firestorm.
I think I'm going 2pts into Magic, 1 into Willpower upon each level although there's been a few times where Iv'e dumped everything into magic and i've yet to regret it.