I voted Yes, because I honestly think that it's a quick & easy system to use and learn. When teaching (& trying to acquire) new players, the easier a system is, the better. It's one of the reasons why I like 3.X D&D the most--higher is better (unlike previous editions of the game).
However, I do think that an alternate system may be viable, provided that it's easy to use & learn. Spell points are cool, but it does demand a degree of micro-management that takes away from the ease of the game (& frankly, adds another number-pool other than Hit Points for a player to keep track of).
I'd prefer that the magic system would be a bit more generic. The protection from X spell would be 1 spell, though the caster would have to select an AL axis (good, evil, law, or chaos). The energy bolt spell would basically work like a lightning bolt, but the spellcaster would choose the type of energy used (lightning, sonic, fire, acid, cold, or magic/eldritch). It'd help cut down the volume of spells (to a degree).
I'd also prefer a system of spell prerequisites to be used again, to reflect the idea that a spellcaster is building/expanding on the knowledge gained before. For example, in order to cast fireball, a mage must first know how to cast burning hands, & possibly a few other fire-related spells. Or a mage may need to know mage hand before gaining fly, levitate, or telekinesis. In essence, the spellcaster knows only 1 spell, but his/her ability/application/power/mastery of the spell grows as the caster grows.
Then again, IMHO, I'd personally prefer that there'd be no distinction between magic & psionics, much less arcane & divine magic. I think that magic and psionics are basically different labels & methods of interpreting supernatural phenomena (the same could be said about super powers, as well).
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