Magic missle is overpowered, depending on what rules you use. In the 2nd ed games in our group, we use spell points(you get spell points equal to level of spell, ie a 2nd level spell is 2 spell points) with a system like that in 2nd, magic missle is overpowered since there is no concentration checks, but using the regular 3e/3.5 rules its not overpowered, but a powerful and useful spell, at least in my opinion.