I like the Vancian/Dying Earth feel of my B/X D&D pbem, where there are no cantrips but a Sleep spell will knock out 2d8 goblins, no save - there's a much stronger feel that magic is something dangerous, not unleashed lightly, compared to later higher-magic versions of D&D.
I'm also running Wilderlands with C&C, which has cantrips - only 1 spellcaster PC and she's not cast any yet that I can recall, but it gives a very different feel, more magic-as-part-of-daily life, a bit Earthsea-ish.
I think cantrips-for-all suits high fantasy like Tolkien, whereas no-cantrips suits Conan or Vance style swords & sorcery.