Scrapping things and making new ones isn't necessarily a good solution. Increasing the size of mobs definitely made combat more enjoyable for me, so I don't see why increasing the size of spell effects couldn't have the same effect.

There are way more important things to work on than putting the FX designers of the game to work on completely remaking the spell effects.

I'm starting to see a BAD trend in the playerbase (actually, I'm not starting, it's been there all along):
"i'm not entirely satisfied with this element of the game... SCRAP IT!!! Remake it from scratch!"

+1 for what Arc said.
+1 for bigger spell effects.