I prefer the AE way, too, especially if it were extended so that the minor effects are done through focuses instead of things you track particular uses of. And as long as we are cribbing from Hero and GURPS with all this explicit talk of focuses, might as well put in an option for "burnout". Your fire opal is a focus for your fire spells, adding extra effects, but every time you use it, you risk turning it to slag. Per SWSE, if the caster has to roll to overcome defenses, as opposed to the target rolling a saving throw, you can make such burnout the consequence of rolling a 1.
I could also go for keeping the minor material components, but changing their purpose. Perhaps in 3E terms, you don't need the material component when you cast, but rather when you prepare the spell. Thus during the adventure, everyone can simply ignore it. If the party returns to town, it can be plausibly handwaved. It's only when camping in the wilderness or hostile territory that it even matters--and thus it can be abstracted into some kind of roll: "Ack, I'm out of bat guano. That fireball I did yesterday was my last. Time to break out the lightning bolt." That might actually put a bit of excitement back into spell prep.
AE uses "readied" spells which stay readied even after you cast them. If material components are required to ready spells, then there needs to be an additional rule that spells with expensive components automatically becomes "unreadied" when cast. Actually, I rather like that idea as another restriction on things like "raise dead".
In any case, if components are kept, there should be more variety in the combinations. There just aren't that many spells in the PHB that don't require material, verbal, and somatic, comapred to the whole. Every combination should probably have a good selection of spells.