I think it's just convention to do it as a "per day" mechanic, because everything else is based / balanced against / with that. (much like sneak attacks cant be past 30 ft)
However, and of course there is a however, I think it is limiting in some ways, and it shouldn't be a flat "per day" deal for all casters. (which does cause game balance issues) Additionally I have a few things to say about how things are, so, behold the muddled post:
Cleric: spells / day as stands, however there is some flexibility that should be allowed (besides the spontanious castings). They should be able to (and probably are, IMO) keep a few slots open. Why, they already have spontanious casting? Well, we all read / see movies / imagine climatic fights, or interesting scenes during the calm before the storm. It's likely that a cleric would pray to his/her God/Goddess for guidance / help / a boon or whatever. I can see this being a cleric who leaves a slot open, and the party barracades themself in a room in some dungeon, and the cleric spends some time praying for the ability to see the evil that hides in the shadows (true seeing spell), because the party is getting worked on because they didn't prepare for those enemies. Maybe it's a roleplaying bit, but I think they can keep slots open. Now, as for the deal that they have to pray at the same time of the day everyday and all that jazz, well, that doesn't work in my example. (but if that was the case, how would spontanious casting work, you prayed for that specific spell, and now you're going to change your mind? at what point do gods get pissed off at your indecisivness?)
Wizard: Again, they can keep slots open for a later time when they need to pop in a good adventuring spell which means the PC is reacting to the game, and what's happening in it. A Transmuter who has ample time on his hands to study from his spellbook while in the middle of an adventure can almost do anything. Wizards, I think, shouldn't be under the limits of "spells / day" rather, be under something more like "max spells memorized / study session". such that said transmuter may run out of 3rd level spells pretty soon, and while he doesn't run out of spells, he can easily (if he has the time, and his spell book, enough light to read, spell components and a place to rest w/o being disturbed) study those empty slots again. But that does mean that he's spending x number of hours (where x is the time needed to prepare and study spells, is that also 8 hours including meditation? and rest?) a day TWICE (so 2x, or 16 hours in a day) just so he can cast more spells than he could under the "per day" limit. Is it worth it? Maybe, if you have time and good conditions to study spells in the middle of running for your life. But having to put away all but 8 hours from your day is quite a price to pay for this advantage.
Sorcerors: They aren't "spell beggars" like clerics, or bookworms like Wizards, so what are they? They are more versitile in that, they cast the spells as they are needed (unlike the transmuter who has to wait x number of hours to cast fly on himself, giving the goblin dominatrix enough time to break down the door and go to work on him). Does this versitility also afford a chance at also leaving the "spells / day" limit? Possibly, but their versitility makes it seem a bit unneccesary. She could wait for hours, just so she could cast that one more fireball (that she needs now, not 8 hours from now), or just use a higher spell slot to fireball that last 4th level ogre hippy, and give up a 4th level spell slot.
Bard: Well then, what's the deal with these guys? The Cleric is more flexible, but needs to spend mad time praying to get that flexible, but is still limited to spells / day. The Wizard is more flexible, because it's how many spells he can study / day. The sorceror could do that too, but more than likely will not. I figure that the bard plays it like the sorceror, so that Beavis the Half-Wit (Devis the half-elf?) could fire off as many charm person spells he can get off (by giving up higher spells), rather than wait around for 8 hours to do it again. (this is pretty much like the phb, right?)
Psions: If you don't use these freaks in your games, don't borther reading. I love psions though, and find them to be wizardly, in that if they rest and meditate long enough, they can get power points back. Some people go around thinking that psions regenerate power points over time (like some video games do with mana), maybe this works for them, and is a good alternative, but I don't ascribe to it. Maybe if they rest / meditate for half the time, they only get a quarter of their total power points back, and so on to diminishing returns? (but is it worth it for a 20th level psion to roll out his meditation mat down in the dungeon and stare blankly at the dunegon walls for 20 mins after every time he manefests some cheap-a$$ power)
Boy this post sucked, i need some rest . . . and it's not even 2 pm yet!