I would go with BRP, with Ars Magica a close second. My friends and I were able to come up with many different systems of magic, powers, what have you with that system. After running a RuneQuest II/III game for many years I have boxes full of supplements and home campaign notes. If you have the time and inclination, I don't think there is anything you can't make that system do.
That said, there will always be a soft spot in my heart for Ars Magica. I've run a few games in that system, and aside from the "naked man with a stick problem", we have had some great times. And, you can have the magic level be what every you wish. The game has a virtue / flaw system, and if you edit out the Order of Hermes completely, you have a credible, low powered magic system just from the virtues. Also, you have hedge wizards and natural philosophers from ... that supplement. I'm told that the fifth edition fixed the fighting system problems, but I haven't read through it completely through it yet.