At-will cantrips don't make spells any more or less common or less powerful. That 5e casters have cantrips to fall back on makes the danger of spells being interrupted /less/ of a limitation for them, not more of one, since if they find they /must/ cast in melee, they can always just cast a cantrip (which, even under a variant probably wouldn't provoke & be interrupted, and, even if it could, doesn't risk a spell slot). Saying that magic was 'more powerful' is also a little iffy. Yes, low-level spells don't scale damage with caster level like they did in 3.5 and earlier. But, they also don't have a cap on their scaling, like they did in 2e & 3e. And, saving throws became very easy at higher levels prior to 3e, while in 3e save DCs scaled with slot, much as damage scales now, while in 5e, save DCs character level. So 'power'-wise it's really a mixed bag.
Letting Ready interrupt and disrupt spells would be a minor change that'd add a little more tactics to the game, but not be particularly baneful to casters. (Ready has several issues that make it a poor tactic: if it's not triggered, you've sacrificed your action for nothing; limits what you can do with that action, &c.) Casters would have to be only slightly more cautious.
Having spells provoke would just make casters more melee-shy, which is something that's been the case in /every/ prior edition. But it's not like avoiding melee is hard, and a caster could still move away, provoking an AoO, but running no risk of his spell being interrupted.
Any balance there may be is already routinely borked by shorter-than-intended adventuring days, anyway. In 5e, balance is moderated by the DM much more than the system, and a variant like this would probably help balance more than it would hurt - since how aggressive enemies are in trying to interrupt casting would be very much under the DM's control, round-by-round.