I am bemused by the all the responses along the lines of "I have been playing for a billion years and do not need to look up spells" responses.
That's GREAT for you. But isn't this edition supposed to be especially friendly to new players?? Whether referencing or memorizing spell lists is not issue for veterans who post on D&D-specific forums isn't the point. The point is that we're apparently now asking new-to-moderately-experienced DMs to memorize spells just to be able to run combat smoothly.
Call me crazy, but that SEEMS like it might be problematic for them.
This x 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000
This issue is a perfect example of selection bias - polling people on D&D forums who have played the game for years, and will be consuming/reading/devouring every morsel of product over and over again is not in anyway a good representation of whether this is a problem. By all means, print some 'advanced' monster manuals with loads of 'Arcane Know-it-all Liches' and 'Grimy, the undead former Spell Librarian' with lists and lists of spells with no descriptions for those that are into it. Everyone should have the fun they want to have.
Just don't force this unwieldy piece of rules formatting on unexperienced DMs (or even experienced DMs who aren't into d&d for the fun of looking up and reading rules). I play a lot of d&d and am deeply familiar with the rulesets I'm using (mostly 2nd Edition these days) and I still can't stand seeing a spell list in a monster description. I do NOT use these spell lists, as they are way too cumbersome. I generally just make-up some spell-like effect on the spot that seems cool, 'cause I know I won't remember every nuance of the spells listed and I (and my players) don't want to stop play to go page-flipping.