I like the OWOD magic system especially for Mage The Ascension, which is actually my favorite. I also like Palladium's' PPE system.
The PPE system was better then vancian magic but I didn't like it either. In any system with magic points you end up either hording your points and never letting loose or making decisions based more on what you have points for then any kind of logical strategy in the game. If you have too many points then you stop paying much attention and then what is the point to them in the first place. If you have too few then you are playing a crippled character type.
I eventually just removed any kind of magic points from my games. They don't add anything to game play but they pull you out of the game flow to keep up with a number.
So how does it actually help anything?