In the case of buffs, you automatically cast the highest level version of a buff that will stick on the target. But we are not automatically charged mana equal to the highest rank we know.
The same goes for heals. While you can downrank if you want, you are charged the mana for the highest rank known, so there is no point in downranking for mana conservation. I suppose, if you just don't train a higher rank then 'x', that would be effective downranking... but you'd have to hope you would not need the higher rank.
Pretty much, using maximum ranks of spells is always ideal now.
EverQuest I: Bard / Enchanter / Druid / Wizard / 2x Magician.
Diablo III: 4x Crusader & 4x Wizard.
My Guide to IS Boxer http://www.dual-boxing.com/showthread.php?t=26231 (somewhat dated).
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