And if you'd like to sample the revised rules, coming out soon, do this poor, hung-over writer a favor and swing on over to the E.N. Publishing site to download the teaser to The Elements of Magic revised edition.
Short story short = The system is designed to fit in with whatever level you want, so it can either be just a new class with a special style, or it can replace all spellcasting classes. Your caster level (which stacks with other EOM classes at increments of 1/2 levels) determines how much MP you have, how many spell lists you know, and how powerful of spells you can cast.
A spell list is a combination of an action and a . . . thing. I've forgotten the word we use, my head hurts so much. There are 22 different elements, 11 different spell types, and some spells use creature or alignment types instead of elements. Some examples include Evoke Shadow, Infuse Air, Transform Undead, Abjure Law, and Charm Humanoid.
When you cast a spell, you spend any amount of MP up your caster level, and can purchase different effects from different spell lists you know. Each caster has a number of pre-set 'signature spells' that they have to choose in advance; it is possible to cast spells that you haven't preset, but this take longer, so hopefully players will stick to the premade ones to help speed play along. In the original EOM, people could often take 3 or 4 minutes min-maxing a spell just for the proper occasion. You can do that still, but you run the risk of getting killed before you get it off.
Yeah. There's lots of stuff, and it's good, so take a look.