Bacon Bits
Legend
I generally am pretty lenient - if you've got it, that's fine enough for me. I'll assume you can get to it. I don't need to spend my DMing time policing whether spellcasters have a hand free or not. The exception is if your hands are bound or otherwise unable to be used - then the somatic and material components of a spell are going to be a problem.
And I really only care about material components if they're expensive or exotic. I once tried a campaign where every spell component had to be tracked and counted, and I found out that it was way too much bean-counting for me.
Pretty much this is what I do.
The important part of spell components is that the magic user can be disarmed like a fighter can be, not that the players engage in high simulation of equipment management and object manipulation. Similarly, the balancing mechanic of expensive material components just cost gold and prep time.