Checking out the new magic rules {while playing a WEG game online.. so hopefully not crossing rule-sets}
If I am reading it right the spell lists idea is out. Characters use exploits to learn skills {actions} and secrets {nouns} and then can collect/design spells {signature spells are in based on the conditions}. No limit to designed spells.
Casting a spell costs MP, and the characters have MAG * 3, refreshing 1/3 an hour of rest ..
this is quite similar to the Psionics, except with PSI there is no skill involved.. just points and exploits.
If this is right, has there been thoughts about doing a EoM:ME style approach?
What I mean by that is that you still keep the skills and secrets. When casting a spell you have to make a spell casting check using the skill. Higher MP spells have a higher DC to cast, and you cannot cast anything higher than your current MP pool. If you succeed, the spell is cast normally. If you fail by 5 or less, the spell fizzles. If you fail by more than 5, you progress on a status track for magic drain.
Magic Drain: the ability penalties reduce your MAG {and thereby your MP max} until you can no longer cast spells.
Over-casting: You can choose to cast directly from your life-force, converting HEALTH to MP
Sacrificial over-casting: Evil beings can use sacrificial alters to convert a victims HEALTH into MP
Blight Casting: Dark-Sun style casters gather MP from local Flora to power their spells.
..etc