Ray of Enfeeblement is the most broken spell in the game. Period. It's not too bad at lower levels, but at higher levels, the fact that it doesn't allow a saving throw turns any encounter with a single meele-based creature into a complete joke. With one ranged touch attack (ridiculously easy at high levels) you can slap a -10 penalty to Str on that fighter charging you and laugh as he flails ineffectually at your tank.
In fact, let's do some quick math here:
15th level fighter w/greatsword and 26 Str - +to hit is 15 BAB, 8 Str, 2 focus and 4 magic for +29/+24/+19 and 2d6+20 (w/greater weapon spec) damage.
Swinging at 15th level tank with AC 32 (12 +5 mithril full plate, 3 Dex, +3 ring of protection, +3 amulet of natural armor, +1 dodge feat), with 150 hit points.
Off the cuff calculations ignoring crits:
First attack hits 90% of the time for 27 average damage = 24.3 average damage
Second attack hits 65% of the time, same damage = 17.55 average damage
Third attack hits 40% of the time, same damage = 10.8 average damage
That's 53 damage per round on average. He could drop the tank in 3 rounds.
Now hit him with a Ray of Enfeeblement dropping his Strength to 16. This makes him +24/+19/+14 doing 2d6+12 damage.
First attack now hits 65% of the time for 19 average damage = 12.35 average damage
Second attack now hits 40% of the time, same damage = 7.6 average damage
Third attack now hits 15% of the time, same damage = 2.85 average damage
That's 23 average damage per round. Ray of enfeeblement cuts his damage by more than half. It'll now take him 7 rounds to drop the tank, and he'll be dead long before then.
One first level spell turns this fearsome opponent into a complete joke. Empower it and things get even more laughable.
This is simply way too much impact for a first level spell to have. It needs to be severely toned down.