First off, sorry for the long text. I swear my answer started out three sentences long and just morphed into this. Feel free to read the next two sentences and call that my answer.
I would tend to agree with tashtago. The elements of magic system is definitely the more appealing of the two choices.
However, its level of complexity does generate quite a learning curve and the need for a fertile imagination. Both of those issues can be overcome with a slew of examples for each list. That type of hand holding will mean adding more text to those sections in the manual, but the benefit of having such an innovative system outweighs the cost in time and energy (IMO).
I have spent three days reading OLD from "cover to cover" with probably half that time going through the magic system. It absolutely sparks ones imagination. However, I did find it somewhat difficult to place my spell ideas in the proper category.
This new spell list idea goes farther to create that context needed for someone to quickly apply their spell related ideas. If Joe Average wants to create a 5th level fire damage spell, then he looks up the chart and sees what the components of such a spell could look like.
In a perfect world I'd say both systems would merit space in the game manual. If only one can go in, then I'll take the one which I feel like provides the most flexibility.
I really can't wait to see how adventure writers add their creative juices to such a system. I expect to see more flavor than level after level of the same fireball with one d6 added to its damage.
Alright, this conversation has motivated me to go back and work my way through the magic system again.