No, actually, it hasn't, not in a convincing manner. Exactly how is one spell that has fire damage 35 for 5 seconds on touch + paralyze for 3 seconds on touch + demoralize 50 in 35 feet on touch different from having these different spells cast separately? Oh, I know: the number of keystrokes. Such a difference. And I did play a mage who crafted spells. I just didn't think I was an artistic genius for mashing together pre-existing things and thinking it was something exciting and different. The new system is dynamic, by the way. In actual gameplay I'd say it's more so than the prior system.
Cast time. Combinations of effects, etc. The difference between a second in the life of a mage can mean death. We don't have armor like warriors do. We take a lot of damage and it hurts. Let me tell you this, with the new spell system, would it be possible to have Weakness to Fire for 1 second, Fire damage for 1 second, and Paralyze for 5 seconds? No, not unless you cast them at the same time, which you can't. It would also defeat the purpose of that spell; to be aggressive while also letting me get further from my enemy or do other things in the mean time. Casting those spells seperately DEFINITELY doesn't achieve the same effect. THe weakness to fire for 1 second MUST accompany the Fire damage for 1 second, since they only last 1 second. Paralyze can try to come before those spells, but then it wastes my time by making me cast the other two using those 5 seconds, effectively making the spell pointless. Casting paralyze after I cast the other two isn't a very good option either for what I want to do, because I might have taken a fatal blow by then.
The ENTIRE POINT of that spell is that it stops them in their tracks AND deals them some good damage. If I deal the damage but don't stop them, I might die. If I stop then and then deal the damage, that's more useful, but then I still don't get to have the original point of the spell, which is to allow me to hurt them and then give me some free time to heal up or run away.
Functionally, these two implementations of this combination could not be more different.