The Spirit Realm

Speciallization skills work to save you mana on spells of that "school", linearly scaled to your skill level, 0.05% per skill point. Speciallize Alteration +8% should gain you 16 skill, saving you 5 mana per cast of Yoppa's Mending, 4 mana per cast of Spiritual Serenity, an impressive 12 mana on Champion (:p). That doesn't sound like a ton, I reallize, but in a hot & heavy fight, with good spell haste on, it's the equivalent of 5 flowin' thought. Like everything else in EQ, it's part of the advancement puzzle that comes together to be the best character one can be.