How would this solve the problem of more specialised spells never being used in your first play through?
When you actually know what's coming then the Vancian system is amazing since you can be prepared. When you have no clue what you're about to encounter? You just have to load up on generic damage/status effect spells and it becomes dull and boring.
When I play Baldur's Gate I only enjoy magic users now because I can prepare them well. I couldn't even imagine how much I'd have disliked playing one on my first play.
Now, I love the idea of individual spells instead of certain levels of spells. I also want spells to not be rendered useless as you level up. I also like finding a scroll that has a spell on it and then adding that spell to my repetoire rather than just automatically learning new spells as I level up. Just please, no Vancian system, I just hate when quirky fun spells that are only useful in certain circumstances never get used on a first play through.
I also dislike vancian, but a lot of posters here seem to like it, so to satisfy those who would prefer vancian, you could have one class that can memorize, or prepare (seems a bit less preposterous than "Whee magic missile! Wait, what did I just do? *checks spellbook*"), and that class could also have at will abilities that aren't as powerful as those that were prepared, but can be used constantly so a caster can feel like a caster most of the time, while still having that sense that the REALLY powerful magic can only be used sparingly, and a spellpoint based class in addition to vancian would help cater to still more players who don't like vancian at all and don't want to bother with it.