I'm kinda okay with that, but your suggestion is certainly more flexible, so that's also worth considering.I think needing the exact spell is too restrictive. 3e did that and I never once saw counterspell being used. If it were tied to school, I could see it being used. Maybe make it a class feature that allows a reaction to stop a spell of the same level and school. You'd need to have a spell of that school and level prepared, and you'd have to allow at least a limited arcana check to determine spell level as a part of the reaction, which should be fine since it's not a full spellcrafting.
I think needing the exact spell is too restrictive. 3e did that and I never once saw counterspell being used. If it were tied to school, I could see it being used. Maybe make it a class feature that allows a reaction to stop a spell of the same level and school. You'd need to have a spell of that school and level prepared, and you'd have to allow at least a limited arcana check to determine spell level as a part of the reaction, which should be fine since it's not a full spellcrafting.
So if you set up a corner case scenario where a fireball can take out all of the enemy, which are all spellcasters, counterspell doesn't work well. Well, you're right. In that corner case it doesn't. In a normal combat where there are 1 or 2 enemy casters, you are better off stopping what they are doing most of the time. Especially in 5e where things have more hit points, so a fireball is not likely to put the enemy down like that. Actually, in your corner case the party gets destroyed by only 5 fireballs, not 6. The 6th caster is going to be counterspelling your fireball.
Your logic with the extra restrictions is also mortally flawed. Some restrictions =/= the stifling restrictions of 3e. There is a middle ground.
Not at all.You don't see PC negation as a problem?
What's good for one side is good for the other: if the PCs can negate the NPCs then the same should be true in reverse.I do. I don't think a player should be frustrated at not being able to act for X rounds, because an NPC or NPCs are shutting him down. It's less of an issue on the DM side since I have unlimited creatures and am generally playing multiple creatures.
All of the hand wringing over the supposed power of the spell is just white room concerns. In the action economy, the spell just isn't that powerful. Counterspell adds an interesting poker / bluff component to the game and it might actually get used once in a while compared to previous editions. That is about it.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.