Not to sound too much like a broken record, but we do something very similar in
our homebrew. In our system, the Wizard (a WIS-based caster class that's a cross between a Wizard and a Cleric) can swap his spells, similar to how a Cleric does it. This started as a reworking of the Cleric domain rules, but it's a little different. Translated into 3.5E terms, it'd go like this:
At the start of each day, the Wizard picks any number of spells from his specialty/domains, whose total level equals his character level (NOT class level), and stores them in a special Focus item (sort of a cross between a Holy Symbol and the Harry Potter-style wands, although you could make your sword or hockey stick a Focus if you wanted... the only limitation is that it has to be held in your hand while casting). This Focus has other uses, like the ability to cast cantrips from his specialty more or less at will.
He can then swap any prepared slot for one of his stored spells of equal or lower level (or ANY cantrip), expending the spell slot but not the stored spell. And in an emergency, he can just cast the spell directly from the Focus, expending it for the day.
So, for example, let's take Bob the 10th-level Evoker Wizard. Bob can cast 5th-level spells. Bob stores 10 levels of spells in his wand, all of which must be Evocation. So, for today he picks
lightning bolt (3rd level),
fireball (3rd level),
scorching ray (2nd level),
magic missile (1st level), and
burning hands (1st level).
He could swap his 5th, 4th, and 3rd-level prepared spells for any of the five listed spells, although anything other than the top two would be a huge waste. He could swap his 2nd-level spells for any of the last three, and he could swap any of his non-cantrip spells for the last two.
He could have dropped
burning hands and one of the 3rd-level spells to take
ice storm instead, which'd give a slightly smaller drop in power when swapping out the 5th-level spell slots. But then again, why wouldn't he just memorize his big attack powers in his top slots from the start? At level 11, instead of adding another 1st-level spell, he might drop
burning hands and
lightning bolt to pick up
cone of cold (5th level).
Any metamagic must be placed on the spells BEFORE they're stored. That is, if you want to put
empowered lightning bolt into your Focus, it'll count as 5 levels towards your total, but you can then swap any 5th-level or higher spells for it spontaneously, without increasing its casting time.
Now, this is substantially weaker (in number of spell levels, anyway) than the 3.5E swapping for Clerics, but it's far more flexible. If you want three or four 1st-level spells in there, you can do that. Besides, swapping high-level spells for an 8th or 9th-level spell is kind of a waste, because if your swap spell (the various heals) were that good, you could just have memorized those to begin with. So most of the demand for spell swapping came at the low end anyway.