Pouyou-pouyou: I prefer the asymmetric approach, otherwise it makes the game more boring, all spells are technically identical, only the "label" is different.
Well, aside from the fact that lightning works best on sea creatures and robots, and fire works great against trolls and many types of undead, and so on.
(Of course, whether this is enough to make the element choice interesting is another matter.)
Oddeus: Hm, I have no example atm, but I like the elements to represent some school of magic, like water spells for healing, buffing and such, fire for attacks and setting things on fire, electricity for hurting water based enemies and making "puddle based" traps etc. The strength of the elements should be equal. There´s nothing worse than putting all your xp in water magic just to see that it´s almost useless in higher levels.
Why should XP have to be spent on the specific school?
(Random SaGa fact: In some SaGa games, the main healing spell is Water, but Fire includes a spell that will auto-revive a character (at full HP) if that character dies, and sometimes a health regen spell.)
(Randome SaGa fact 2: The powerful healing ability Rain of Life has never been a water spell; in the two games where it exists, in one it's a monster ability (which is fortunately available to the player), and in the other one it's a Bewitchery spell (which was called Mind in another game in the series).)