Basically, in G9, Alchemy is released as a fun alternative.
Water Cannon is an alternative to Firebolt, as it stacks 5 times for about the same amount of damage.
This all changes when water cylinders come in. Water Cylinders add damage to all water alchemy skills.
And then they buff it once more by adding the Rain Make alchemy skill. While you're under rain, water cannon will do additional damage.
And with the newest patch, tons of water skill buff enchants come in, and cylinder upgrades specifically adding water cannon damage is added.
Result? Why are you using firebolt when water cannon does three times the damage?
This is only one example out of many. There are so many broken ways to use alchemy now.
You have to be an "Elite Alchemist" to use these features. Its a title you gain, and with the title on you can equip the clothing shown above.
Normal standing makes you chill like the ganstas down the street:

For the suit, +27 water alchemy damage, +3% sythesis success rate, +3% mana forming success rate.
For the shoes, +8 fire alchemy damage, +12 water alchemy damage.
While you have the title equipped you can start UNLOCKING new upgrades for your cylinders.

+20 durability on protective wall skill on first.
+1 fire alchemy damage on second.
Other cheap things about Alchemy:
1. Spark is still deadly cheap and makes you invincible.
2. Rank 5 protective wall allows you to shoot from the inside but won't allow shooting from the outside. Also damages enemies who touch the wall.
3. High rank Frozen Blast can freeze the enemy for long enough to get multiple combos in. Hax.
4. Flamer. Refer to Dungeon Fighters Online. As if this skill didn't do enough damage as it was, now there are upgrades and enchants for it.
I quit melee. Rack up dex, int, mana, stam for this.