I disagree with a lot of takes in this thread, but I don't want to quote everyone so I'll just say this.
I love these new spell creation rules. First off, I love that they're spells. We need to either drastically reduce the amount of spells or embrace the structure to streamline magic which, paradoixically, allows for more diverse and out there magic mechanics. I used to be big against this, such as with the Psion, but now I just think that most magical abilities should be spells with others being traits or Magic actions here and there.
Next, I like that Mages are using spells as class features more directly. Let's go ahead and interweave everything 100% so that we can establish that Mages are spellmasters, its what they do. This might bleed into Bard and Priests too, who knows, but right now this is makes more sense to me as a repersentation of flavor as opposed to the older methods.
Next, I like that you get a lot of ribbon modifications to a spell. I know that there are clear better options, but there's not really much of a had limit on how many modified spells I can make. If I want to make a foe-seeking fireball called "Whizbang Dustyboots' Writhing and Vengeful Snakes," I can, and that, to me, feels awesome. If I want to be like Combustion Man from Avatar and have fireball blast from my forehead without components, I can do that too. Remember that most people play this game flavor first, mechanics second, and given these things are ritual spells, its not like I can't do them en masse on downtime anyway.
So, I like it. It gives the wizard an actual identity and it works with the preexisting mechanics in a way I actually find elegant. I really hope these make it out of playtest, because it seems fun as Hell to play.