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A few questions about the Eye of Agamotto I couldn't find in the standard wikipedia article or other sources.
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1. The Amulet of Agamatto has been called the "lesser" eye of agamotto. Has anything in the comics ever shown it to be inferior or unable to do something compared to the more famous eye? What makes it lesser?
It's range seems more limited that the Orb (Greater/Eternal Eye). The amulet has more of a nearby line of sight range.
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2. The Eye has been described as one of the most powerful conduits for magic on Earth. What exactly does this mean? Can Dr. Strange channel spells through it to make said spells more powerful. Does mere possession or wearing of it make the owner more powerful magic wise so by extension losing it would weaker the power of their spells?
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3. Does the Eye have fairly consistant abilities or has it served more as a deus ex machine over the years?
Kind of deus ex.
Clairvoyance type things-- scrying, revealing illusions, seeing the nature of a target's soul, etc. This includes answering certain questions (like potential new Sorcerer Supremes, as it did in that New Avengers story, or when it showed Nebulon the nature of humanity with brief visual clips of human history). These "truths" can be shared with whomever the wielder chooses. It's also been used to create illusions, as well.
Strange channels spells through it, from bolts of mystical energy to healing spells. I don't know if it was a certain spell or an innate power of the Eye, but it was used to reverse time in a very small area.
Also, it functions as an interdimensional portal, taking people to any point in the universe, Dark Dimension, and possibly other dimensions.
It's not supposed to work in conjuction with any kind of "evil" magic.
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4. Why is the eye considered so powerful/valuable?
Except against really powerful magicians, it tends to be unstoppable (of course it's up to the writer).