Tragic Magic
Here's my thing after going over TROS' magic system with a fine tooth comb. If the Vagaries that let you get at magic only allowed for a more limited amount of power, it'd be fine. As it stands, you can max out a few categories and, as a beginning character, disintegrate someone with a fairly simple spell. Sure, you'll age (which is somewhat silly, in my opinion), but your foe will be vapor.
This from the same system that places such a high value on gritty and "realistic" combat. For a renn duelling system, TROS is great, if you want more realism and less swash, but the rest of the game lags pretty greatly. It's got some good concepts, but I wish they'd tested them out a bit more before going to press. Perhaps more levels of the magic system.
Now if you want a good, fairly straightforward magic system, I would recommend Ars Magica v4, available for free in PDF format.