Conjuration is the most efficient damage and also summons tank enemies for you - you can get through most of the encounters of the game with it easily enough, albeit at a slower pace than if you were assisting summons w/damage. Bound weapons are good early game but they are puny compared to what can be made with smithing.
Destruction is very inefficient, but a solid/faster source of damage if you use enchanting to reduce the cost - they take too much magicka away that could be spent on support spells as well otherwise. Higher level spells are absurdly expensive, and magicka also doesn't regen while you're actively casting, and also regens much more slowly in combat, so casting destruction spells can run you dry extremely fast. They really dropped the ball on magic in Skyrim and destruction suffers the most from it.
Illusion is very powerful but also situational - you have to have some idea of the level of what you're casting its control spells on which isn't immediately obvious as there's no in-game indication. You get an idea for what the various scaled enemy types are though eventually. Some things are also just straight up immune to it. It's not a great system, very "all or nothing" and sometimes you'll just waste a chunk of magicka to learn your target is too high of a level or immune. Anything it works on though, you can take out of combat completely for a long duration - you can cycle pacify and sneak attacks on a target, or have groups of enemies fight eachother to death until only one remains. It's also a good supplement to sneak via muffle and invisibility, and the perk quiet casting is amazing for any mage who uses some stealth. I can go through many dungeons without bothering to kill anything in them with invis + decent sneak skill and light enough armor.
Restoration is fairly straightforward, wards are garbage but healing with respite and regeneration is a great way to keep health and stamina up. The undead specific spells are meh - illusion eventually works on undead and kind of makes them obsolete IMO. There are a lot of undead in the game but turning them so they run all over the place possibly deeper into the dungeon to where more undead are hanging out isn't all that helpful.
Alteration has good perks for the magic resist and/or absorb but the spells aren't that great - the armor spells are terrible compared to actual armor and don't last long enough while costing to much magicka to be worth using. It has a fair collection of convenient spells like detect, transmute, candlelight and so on but no investment into the perks is needed to use those.
As far as perks go this is as far as I'd spend in the magic trees to get the most out of each without wasting perks -
http://chrizel.github.io/skyrim/#t/5/h9s0sg,-8t31yc,5q8c,0,0,0,0,0
Master spells for the most part are worthless. Dead thrall is actually good, but you won't be using that in combat so don't need the reduced cost - use a magic fortify item and/or potion to cast it needed when you do need to make a new one. The master destruction lightning spell is also solid, but you should be reducing destruction to 0 cost with enchants anyway so cost reduction from perks would be meaningless.
Conjuration's Necromancy perks are garbage since thralls are the only worthwhile necro spell, and they don't benefit much from any necro perks other than twin souls. May as well pick up better atronachs which are quite useful against certain enemy types or if using elemental AoE since they're immune to their type. Mystic binding is the only bound weapon perk I'd consider if using bound weapons, the others are situational/redundant.
Illusion's fear/frenzy spells aren't as important as calming ones so I'd say save your points there and just get what you need to pacify everything.
Restoration's higher level spells are just less efficient - I find the adept heal the most efficient while healing enough in a burst to save you when you need it. Respite and regeneration are no-brainers, the rest all svck except for necromage which has some great cheese potential but on PC unofficial patches remove that aspect.
Alteration I just grab the reasonably cheap magic resist, the absorb is good too especially combined with the atronach stone but it depends on how you're setting your character up to deal w/magic and your difficult - taking no damage from 30-80% of spells won't save you from getting once shot from the ones that get through if you play on high difficulty. Personally preference whether it's worth the extra perks.