StreamOfTheSky
Adventurer
Conterspelling can be worth it when your side has more actions per round (ie, more people) than the other, since at that point, a 1-for-1 loss of actions is more crippling to the other side. Similarly, as DM, in battles with a lot of NPCs I might keep some mages hidden in the back ready to make a PC caster's life miserable. But generally, it's not worth using.
I like how Arcana Evolved handles it. You have to spend a feat on Brandish Magical Might to counterspell (though the feat at least gives you other badass magical abilities like an at will Open/Close, because manually opening doors is so beneath an arcanist), but from there if you're willing to ready, it costs basically nothing. You ready an action to counterspell, and if someone tries to cast, you spellcraft and then roll an opposed caster power check (like a CL check, but with casting ability mod added in). If you win, the enemy loses the spell and that action, and the whole thing costs you no spells at all, succeed or fail.
I like how Arcana Evolved handles it. You have to spend a feat on Brandish Magical Might to counterspell (though the feat at least gives you other badass magical abilities like an at will Open/Close, because manually opening doors is so beneath an arcanist), but from there if you're willing to ready, it costs basically nothing. You ready an action to counterspell, and if someone tries to cast, you spellcraft and then roll an opposed caster power check (like a CL check, but with casting ability mod added in). If you win, the enemy loses the spell and that action, and the whole thing costs you no spells at all, succeed or fail.