Siegurt wrote:Yes, it's also reduced by armour.
For comparison IMB does
2d(6+(Power/6)) damage
and stone arrow does
3d(5+(Power/8)) damage
However it also only takes conjurations to make IMB more powerful whereas it takes both to make stone arrow more powerful. Stone arrow also misses more, and as you've noted doesn't explode for splash damage.
To make the formulas more transparent:
IMB averages 7 + P/6 damage, or roughly 7 + 0.166 P damage. That's 1.75 + 0.042 P damage per MP. It maxes out at 23.67 damage (average), or 5.91 damage per MP.
SA averages 9 + 3P/16 damage, or roughly 9 + 0.188 P damage. That's 3 + 0.063 P damage per MP. It maxes out at 18.38 damage (average), or 6.13 damage per MP.
(numbers are before adjusting for enemy AC, of course) If you have both at max power, it seems clear that you should go with IMB even before taking into account its other advantages. Prior to that point... I have no idea how spell accuracy works, so I can't offer any sound advice.
(FWIW, Stone Arrow is quieter than IMB, even when the latter doesn't explode)