Wiseblood
Adventurer
I certainly agree. In 3.5/P this kind of magic is just unbalanced. It reminds me of Magic the Gathering. A lot of dud abilities/spells, some strong, and a few just amazing things.
And of course everyone takes the gems. Human nature. But perhaps the real problems are
1: As above. Magic is too easy. It should cost a lot of crunch options.
2: Balance. (also above) The spells need to be more formula and less sacred cows. Too many spells are good because they have always been good, and need toning down. Like Entangle. It is ridiculously powerful at first level, and is still good at 20th.
I would like to see some kind of formula-based magic, or a strong cap on what easy casting can do.
By your argument (forgive that term please) you don't actually dislike the Vancian system but the spells some too strong some too weak. To discard the system based on your arguments would in fact be throwing the baby out with the bathwater.