TBH, that's exactly what I'm complaining about. That's greater power/versatility, and less engaging/challenging, right there. Heck, even the old school convention that you could memorize the same spell two or more times was a bit generous. (necessary for the 14 WIS Cleric, if the party is to see 2nd level, but still...)
And, you still do the daily paperwork, in 5e. You're still a prepped caster, like in 3e (or even, technically 4e, it was just 'A or B' for each spell level for the Wizard, only), you just have the round-by-round versatility of a 3e prepped caster, on top of that.