I like the idea a lot, myself. Half of the Player's Handbook is spells; on some level to me that seems ridiculous that something used by only half the classes takes up half the book. I'd cut about half the spells in the core books; I'd also combine many spells (like Detect Evil and Detect Undead). I'd have more generic damaging and protecting spells, that increase with level. I'd probably use something like the Arcana Unearthed method of splitting spells into Simple, Complex and Exotic to take care of Bard, Ranger, Paladin and Sorcerer spell lists; they would get just Simple spells off the same list as their 'Major'. I'd make Bards pure arcane casters as well. (This is assuming we want to keep the Divine/Arcane seperation, since it is a big Sacred Cow).
CLERIC SPELLS
0-LEVEL Simple: Detect Magic, Detect Poison, Light, Mending, Resistance
Complex: Cure Minor Wounds, Guidance, Virtue
1ST-LEVEL Simple: Bless, Detect Chaos/Evil/Good/Law, Divine Favor, Endure Elements, Entropic Shield, Magic Weapon, Shield of Faith Complex: Protection from Chaos/Evil/Good/Law, Doom, Command, Wpn Bless
2ND-LEVEL Simple: Aid, Align Weapon, Calm Emotions, Make Whole, Remove Paralysis, Resist Energy, Complex: Generic Stat Buff Spell, Consecrate, Hold Person, Restoration (Lesser)
3RD-LEVEL Simple: Continual Flame, Daylight, Deeper Darkness, Magic Vestment, Prayer, Protection from Energy, Searing Light Complex: Dispel Magic, Glyph of Warding, Speak with Dead
I'd break out all the Cure Whatever spells into a Supernatural Ability of the Cleric that increases per level. This would also serve to power abilities that replace Consecreate/Desecrate, Hallow/Unhallow, etc.