I have no problem with Vancian magic if it fits the world.
Though Vancian "magic" should really be called Vancian "psionics". In the books, "magic" was formed by mentally creating a slightly incomplete energy formula in your mind and you "cast the spell" by completing the formula in your mind. Even the most powerful magicians (really psychics) could only hold four to five such formulas in their heads at once. It was called magic because the people who remained on Earth, even the magicians, didn't know any better. Those who did know had left Earth thousands of years earlier.
Despite all the moaning and groaning about the Vancian system, at one time, there was an official supplement for D&D (the name eludes me) that offered numerous alternate magic systems, including a mana point system, to use and no one wanted them.
In most fantasy games, spell casters outstrip other character types as time goes on regardless of the magic system being used so I don't really understand the Vancian hate other than, "It's the way D&D did it so it must be bad," or, "It's not modern enough" and I don't even know what that means.
jolt