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I agree with Feanor; in a short battle, light can be more useful because 2-3 Chaos spells won't have much of an impact. However, Chaos still has its uses. First, in 3.0, enchanting arrows doesn't cost a turn. Second, there are alt-druids who can significantly boost the hero's spellpower. Third, there's the "arrow storm" spell, which allows you to cast a spell three times in one turn (if you're lucky with enchanted enemies). And then there's the enchanted ballista, which is true, not that easy to upgrade.
In general, my opinion is that you can get a lot out of Chaos with the right build, but it's not an essential skill like it is for the Elves. Instead, you can easily use light.
Other schools of magic aren't worth considering seriously due to the low chance of them appearing and the small number of spells in their respective guilds.
O God of Earth and Altar, Bow down and hear our cry, Our earthly rulers falter, Our people drift and die, The walls of gold entomb us, The swords of scorn divide, Take not thy thunder from us, Take away our pride.