I know that TBC is capped at level 67 right now, so nobody knows how good Spellsteal will be (level 70 spell).
Anyway, for what we know, this spell should steal a RANDOM magic effect from the target. So here's the idea to make the most out of it. I think it would be nice to grant mages the chance to actually steal what they want, but of course this cannot be handed out for free for balancing reasons, so it would be really nice to give an useless spell such as "Detect Magic" its role: reveal the target's buff (it already does) and let us steal the desired spell by clicking at the buff icon from the target's portrait.

This would open up a huge set of possibilities for PvP and PvE encounters as well.

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Seradan, critting flamer critters since 2006

It doesn't seem likely.