it's higher level than Magic Missile, but less efficient until you break the cap at lvl 12, or 14 since MM does 1d4+1 per two levels (up to 5d4+5)
and it doesn't feel right for a wizard spell since its interesting ability demands multiclassing...
all around, I don't really feel it and would not take it for my own characters/accept it at my tables.
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I had to read it three times to understand what you meant. So it's basically a spell that requires a ranged touch attack (like scorching ray), except when it misses, I can declare that it becomes a magic missile that hits automatically?
I think a caster should have to make a choice in advance between magic missile and another spell that may deal more damage but has a risk of failure. Maybe you could rename the spell into force bomb and have it function as a splash weapon.
That being said, to help with the original wording:
"This spell creates a missile of magical energy that requires a ranged touch attack to hit and deals 1d4 points of force damage per two caster levels. If you fail on your attack roll, as a swift action, you may cause the missile to splinter into [a number of] magic missiles that unerringly seek out the spell's original target."
It doesn't splinter, but it does hit.
It is basically a magic missile that might be able to deliver sneak attack damage or a critical hit.
In exchange for this very nice ability it takes the following hits:
Slower damage gain compared to other spells of all levels.
A single target instead of being able to multitarget.
Shorter range than magic missile.
And of course higher level.
I realized that the one gap in damage spells was this, an auto hit that could do precision damage.
I do like the rewording and will use it to improve the flow of the spell.