Spell Erosion
Piercing
Spell Shield
Light Armor Focus
Medium Armor Focus
Heavy Armor Focus
Let's take Spell Erosion as an example. I haven't checked the other stars, but suspect a similar argument can be made against those. I assume that 660 Spell Erosion corresponds to 1% extra damage. Please correct me, if I'm wrong. Now, to get the first 660 penetration from CP, you need to invest 6 1/2 CP into Spell Erosion. Let's see what else can be had for 6 CP:
6 CP will take you from 10% to 11% in Elemental Expert, at which point you have invested 49 CP into that star. Since basically all damage of a magicka character is covered by that, and it is effective against shields and (boss) targets that are overpenetrated, this is clearly a superior star to invest in, up to that point.
3 CP each will also take you from 15% to 16% in Master-at-Arms and Thaumaturge, at which point you have invested 40 CP into each. This, again, should cover all possible kinds of damage, and the same argument applies.
Now, how about Elfborn? Let's say you have 50% crit chance, so you need to gain 2% in Elfborn for 1% extra damage. Well, 6 CP will take you from 14% to 16% in Elfborn, at which point you have spent 40 CP in Elfborn.
To summarise, you are better off investing as follows, before you use Spell Erosion:
Elemental Expert: 49
Master-at-Arms: 40
Thaumaturge: 40
Elfborn: 40
Total: 169 CP
As a max CP character you have 41 CP left. This is the tipping point where Spell Erosion becomes marginally useful, but are you really going to invest your final CP into something that works only against non-shielding, not-fully-penetrated targets? You need 7 CP to obtain fractionally over 1% more damage against those targets, or you can stuff another 7 CP into Elemental Expert for 1% damage against all targets. You might also consider Blessed, Shattering Blows, and the weapon expert stars.
In conclusion, yes, I'm overstating my point slightly in the heading, but Spell Erosion is just a really, really inefficient star. The only use I see for it is in stuffing left-over CP in there, that are no use elsewhere due to jump points. Any flaws in this argument? Let me know.
PC EU: Magblade (PvP main), DK (PvE Tank), Sorc (PvP and PvE), Magden (PvE Healer), Magplar (PvP and PvE DD), Arcanist (PvE DD)
PC NA: Magblade (PvP and PvE every role)