The power that makes the main character special and vital to the wizarding world is his or her connection to so-called "ancient magic". While details on the subject consist entirely of a passing acknowledgement in the narration of the gameplay reveal trailer, these spells are nevertheless going to play a huge role in the game.
The Meter
As discussed in the HUD section of this blog, the GUI you see during combat includes a meter indicating how much "charge" you have to your anicent magic. That charge climbs slowly over time as you land attacks on your enemies. Combos increase the speed with which charge accrues. Each usage of a spell reduces the charge by one. It appears based on comparison of different screen shots that amount of charge you gain can be improved using leveling.
Unknown Lightning Spell
This lightning spell was used by the main character in the gameplay reveal trailer from March 2022 to obliterate a goblin mage. The spell calls down a stunning amount of lightning and even creates cracks in the ground where once their stood an enemy. While we don't have a complete list of observed damage, we did find that this spell inflicts 2,404 at LVL 19.
Unknown Chicken Spell
This spell turns your enemy into a harmless chicken, who then escapes the area without further combat.
Unknown Torn-to-pieces Spell
During the second gameplay showcase video, Andrew the Great shreded some dude like pulled pork using anicent magic. It is unclear whether anyone felt bad about that afterward.
Unknown Triple Descendo
This was the example "finisher" during the gameplay reveal trailer. In addition, we've seen this finisher applied during the Poppy Sweeting side quest "Fire and Vice". This finisher can be completed even if the target is not on the ground, for instance standing atop a carriage.