wow, didn't even think of this.
I figure that the spell and the ability to use spells will depend heavily on class. For example, it would make sense for the Titan to have an over-shield or beserker spell, but if you give that to the hunter, its a little useless. I expect that the hunters will have an invisibility spell, or a spell that does something like VISR in ODST or Promethean Vison in H4.
these are some spell I think would work with the Titan:
damage boost
overshields
magic imbued melee? (this would be passive)
grenade boost?
maybe even the ability to summon an ethereal weapon that has better stats than your current weapon?
probably low level attack spells:
fire
ice
earth
and for the Hunter:
stealth (or maybe this will be passive, like in army of two, with agro)
invisibility
an equivalent of promethean vision
damage boost
im trying to think, but so far i can only think of these that would go along with the style of Destiny.
i know we see fire in the picture but could it be the wizard is a wizard with technology. maybe it was a type of boba fett flamethrower and he can us turrents and other things similar. That would change what the other classes could do as well