[Taqwus]

Transformation does seem to carry a small but positive risk of Instant Death (TM) due to something going badly wrong (e.g. not just drowning risk... which is probably close to 100% without water magic anyway since except for certain Foul Spawn most of what you can change into is not amphibious IIRC).

Strands of Arcane Power, testing with obscenely powerful mages (think 'magic power' wishes but not followed by incredibly expensive empowerment), does not appear to search above level 3.