When I'm wearing a Mail-Hauberk that reduces Magic Power by 8, every time I attack I get the message "Your spell does no damage!" I don't get this message when I'm not wearing that, or when I'm wearing different armor. My base Magic Power is 6. ETA: With dual-wielding and a decent counter stat, I was getting the message as many as 8 times in a row. It's a few minutes after my encounter with a monster zoo and the log is STILL scrolling.
Are you a Vampire? As I get those huge amount of spell based messages when playing a Vampire character defend a choke point from the monsters from a Zoo. I guess it is something to do with the pile of corpses being targeted by Vampirism under the monster you are attacking.
As it turns out, I am a vampire! Does magic power relate to vampirism? That might explain the message spam, though I still get HP back when vampirism procs. I only just now found the google doc with the list of known and fixed bugs. This might be related to bug 23, the fixed Haywire bug.
Basically any time any 'spell' doesn't do damage to you or an enemy, you will get that message. Spells include traps and many other things. Basically just have to live with the spam until 1.04. Try summoning a slime in the middle of a monster zoo. That thing will be scrolling for an hour.