The Midnight spell system is feat and spell point based. The channeler class gets the Spellcraft feat for free, and any other class can take it. Channelers get other perks to magic that make them inherently better than say, a fighter learning a few spells. There's actually quite a few differences in the spell system. Mage and druid spells are all lumped together, and there are no clerics in midnight except evil clerics of Izrador, who learn and cast spells like 3.5 clerics.
Channelers and anyone with the Spellcraft feat get magic points based on their level, plus a few other ways to boost it. It's not a whole lot, and the game encourages you to take the feats Craft Talisman and Craft Greater Talisman to make spell casting cheaper. A spell costs one point per level. Adding metamagic feats just adds points to the cost and no extra time to cast. If you get to 0 MP you can burn life energy (CON) to fuel spells at the expense of hit point damage.
Oh, and another major difference is that the Schools of Magic are slightly redone into Lesser Ecocation and Conjuration and Great Evoc and Conj. Some normally low level spells are reallocated to the higher level Schools, and learning schools requires feats (which channelers usually get for free as they advance).
In Midnight there's one more caveat that because the planet is cut off from the Outer Planes, there is no dimensional access. No teleport, rope trick, dimension door, commune with dieties, nothing like that. Of course, in a homebrew game, you can rule whatever you want.
I like the system a lot, it's grittier than default DnD, but by no means perfect.