I'm not that keen on levitation to be honest,yeah it has some uses,but its better gone in my opinion.
I would like to explore and walk around a mountain or whatever rather than fly over it,unless i was mounting a dragon of course

Also it would be boring levitating up out of danger just chucking fire balls etc,without any risk....seems boring to me.
The would have to counter act that if levitation came back,allow enemies to knock you out of the sky etc.So there is a risk of death from the fall.
Dragons would be a threat to levitating too,enemy mages should be able to do it aswell.
Also possible that a strong wind effect your control over direction,maybe a risk of being struck by lightning too.
It would have to be really balanced to fetch it back.
But in all,i'd say i aint bothered it's gone to be honest.