Wizard101: What i think each school is about.

Fire: Basically it is a powerhouse and its population is the biggest in my books.
Advantages: 2nd hardest hitting school. Gets it's AoE pretty early (lvl 22), has lots of DoT's and AoE's.
Disadvantages:  2nd last health in-game, and 2nd last accuracy(75%).

Storm: Round one+storm wizard=Instant death. 
Advantages: Their attacks are SUPER strong.They get their AoE midway through the game(lvl 38 i guess)
Disadvantages:   The lowest healh in-game, the lowest accuracy(70%, you can't hit what you can't see)

Ice: They are really useful when it comes to shielding and team play.Usually the last person standing in battles.
Advantages:  The highest health in game. Lots of  shields lots of team play. Decent accuracy (85%), Has the best shield in game: Tower shield
Disadvantages:  They get their blade at level 38. . They get their AoE early(Lvl 22).

Life: Basically a healing school. nice to see once in a while
Advantages:  2nd highest health in-game. They can heal others, heal yourself. Highest accuracy in-game(90%)
Disadvantages:  They get their Aoe spell when they are almost halfway through celestia.Decent health

Death: They can almost solo the full game.
Advantages: No need to worry about healing half of the damage done to enemy is swapped to health , Decent accuracy(85%). Has the best trap in game: Feint. They have tons of minions, ton=14(in my world) through one card(ANIMATE)
Disadvanteges:  (none........yet)

Myth:  They got lots of minions. good for 3v3 and solo-ing
Advantages:  Heck a lot of minions about 7 or 8.
Disadvantages: Grumpy teacher thats about it

Balance:  They are awesome in  everyway.
Advantages: Reshuffles, spirit blades,elemental blades(basically lots of cards)
Disadvantages: (none....yet)