You're determined to see the bottle of flin half empty aren't you? Just because something has been in every game doesn't make it perfect. The obvious answer to your question is to implement a new system that gives you more depth.
Let's take a look at what we know: (examples)
It appears instead of having multiple fire damage spells, touch, target, area. That's all now in one spell. Cast it up close it's touch, Far away it's target, hold button it's a flametrower that also cause the area to set on fire. That is more depth.
Want to create a spell that summons a imp and casts invisibility? No longer necessary. You can do that on the fly by having each equipped.
I really don't see what you could do with Spell Making that you cannot do with this new system other than a spell that does fire/frost/lightning damage at the same time :shrug: I think these effects actually doing more than just causing damage is a fine trade off.
I don't think anyone is saying the new system is bad. I like it. I want to do that and make my own spells.
I want to know why they removed it, so I can then at least understand it, or propose an alternative that a few of us will read and will be buried deep within the texts of a ranting madman.
There is no excuse that I can think of for removing it other than laziness.
Balance? There are better ways to balance it.
Technical issues such as combining effects like fire and frost? Don't allow that, or effects negate eachother.
Technical issues of spells changing, such as elemental traps and flamethrowers? Give us control of each of the states.
The graphics can't handle it? What?
This is why I've been complaining, it can be done. I want it in, but they think its redundant, or so I assume.
It hurts a lot of fans, it was far more than, "Now I can make exploitz!"