Most of the following information should still be correct:
The decision of which spell to cast using which spell slot is made at the time of casting, not at the time of preparation.
Bards & Sorcerers don't "prepare" spells: they simply have a few spells that they totally know, and can cast any of those if they have a high-enough level spell slot available.
Wizards can prepare any spell they have in their spell book, up to a limit of the number of spells they can prepare when they have a specific number of wizard levels. The number of spells they can prepare is merely a number, with no spell levels associated therewith.
Clerics can prepare any spell on the Cleric spell list, provided they can cast spells of that level. However, they have Domain spells which they always have "prepared," which do not count against the number of spells they can prepare at any one time.