Personally I think that the Mind branch is much more useful than the Might branch (with a couple of exceptions, obviously. I suppose if you are playing a Warrior than the Warrior-exclusive Might abilities make it more worthwhile.)
Things like Learning, Inquisition, and Trophies are great skills! And Scouting is easily worth having one point in (although I think any more than one is simply a waste). The great thing about the Paladin is that he gets the Runic Stone skill with 3 uses, which turns 10 Minds runes (the Paladin gets a lot of them) into 10 Might AND 10 Magic runes, and it can be used 3 times. It's huge.
I think that Holy Anger (Paladin-only, I think) and Keeper of Light or whatever (+xp and gold versus undead and demons) are also really useful at certain points in the game.

I'm still confused about how the Necromancy Skill works, or whether it even actually works at all. I haven't seen any of my troops being resurrected after a battle even though I have level 2 in the skill. From the previous description I should be getting some of the dead troops back.

I don't get any feedback that there were troops revived, and my troop numbers stay at the same reduced number after a battle.

I'm running the GamersGate downloadable version with the GamersGate patch. In the game it reports to being version 1.6.5

I don't think it works.
Can anyone say Necromancy works 100%?