Haste (535)

Haste (535) Mnemonic [HASTE] Duration 60 sec Utility Magic   Subtype {{{subtype}}}  Skill Enhancement {{{skill}}}  Components {{{components}}}  Availability {{{availability}}}

The Haste spell appears to provide a reduction in Roundtime based on the following formula (all fractions are rounded down):

• Final RT = (RT - [1 + X + Y]) * (100 - [25 + Z])%

• X = Air Lore Bonus; Increases by +1 at 24 ranks, 100 ranks, and 200 ranks
• Y = Major Elemental Bonus; Increases by +1 at 51 ranks and possibly 100 ranks
• Z = Major Elemental Spells Known / 3

For example, with 27 MajE ranks, 24 Air Lore ranks, and a five second Roundtime:

X= 1; Y = 0; Z = 9

Final RT = (5 - [1 + 1 + 0]) * (100 - [25 + 9])%

Final RT = 3 * 66%

Final RT = 1.98; Which rounds down to a 1 second RT.

Also, the benefit of MajE ranks does not appear to be capped by your character's level.

Reference

Official Spell Description: http://www.play.net/gs4/info/spells/spelllist.asp?circle=2#506