mmadsen, in Monte's alt.sorcerer, he bumps up the level of shield and haste. I would say those are still going to see use, although the sorcerer player in my game that retooled his character only took haste. Invisibility would also likely still get taken.
Among the third level spells that also get taken a lot, you have blink (auto-sneak attack for rogues) and displacement (50% miss chance on all attacks against you).
For weak spells, anything that ends in "image". The inability of those spells to even cause subdual damage along with the concentration requirement makes them inferior to anything else at their level, even given their flexibility. Add to that how most DMs I know have dealt with illusions (ignore all illusions instinctively), and you kill the meat of the low-level illusionist. The only purposes are defensive: mirror image (yes, it ends in "image", but it's not in the chain), displacement, invisibility, improved invisibility.
Identify sees a lot of use, but few other divinations.
Necromantic spells in general are ignored.
Overall, you have power-tiers. Evocation, for damage infliction; Conjuration, for damage infliction (direct or indirect); Alteration, for buffing, all get used frequently. Enchantment, against opponents with minds; Illusion, for defense only (and not in the "image" chain; and Abjuration, for dispel magic and defense, get used occasionally, usually to strengthen a weak point in defense. Divination seems to be used for three spells: detect magic, identify, and true seeing. Necromancy has enervation that is useful as a 4th level spell for sorcerers, as it doesn't allow a saving throw.
So for the question of balance by spell level, the answer is not really. The tiers, though seem fairly well balanced against each other. Divination and Necromancy seem to be fairly useless through most of their levels. Evocation, Conjuration, and Alteration, on the other hand, seem to be useful at all levels.