During the public playtest, classes that prepared spells each day had the following clause in their class descriptions: "You don’t have to prepare all your spells at once. If you like, you can prepare some later in the day."
I have to admit I was a bit miffed when I got my PHB and saw that those two sentences had been removed. I don't have a problem with doing it that way myself.
On a semi-related note, I've always found the concept of a cleric praying to their deity for magical power ahead of time a bit odd. I think it would make more sense for them to be able to cast any spell from their spell list when they need it. So if a cleric comes across a diseased beggar, he can just pray to his deity to heal the beggar (by casting lesser restoration or whatever) then and there, rather than having to say, "Oh, sorry. I'd love to help you but I can't right now. Maybe tomorrow ..."
I'm with you, puk. I'm going to run it that way. I may even house rule it if an official rule contradicts the ruling I'm going to use. I find the ability to pray or study throughout the day a much better fictional element during gameplay.