I do like the current system, it was a very nice idea.
You can keep the spells you have learnt in a txt file in your desktop, if you want. Remembering the spells is part of the fun
Another good thing about this system is that spells are sometimes transmitted from player to player... mouth to mouth.. this brings a social dimension to spell learning.
Also, the typing is nice cos it's like a spell cast delay.. the harder the word is to type the longer the cast.
What i don't like in the current system is that spells are way too expensive, almost always consuming items, and not being as useful as spells of other games are.
The spells are pretty impressing for showing up, but you wouldn't normally use them for fighting or any other thing, just for leveling your magic power and showing them to your friends. Currently you cannot depend on spells, you will still need to be a ranger or swordsman, you will spend more time hunting for items than using the spells. Characters based on INT stat are pretty worthless. For being a wizard you first have to be a tough fighter too.