Re: Best magic system?
Last time I ran Fantasy Hero (probably at least a decade ago), I rolled my own. The mechanics (completely hidden from players) worked like this:
All "mages" had to buy a small VPP - 5-15 points, depending on how strongly magic was manifested in the character. You could put an Aid inside the vpp to "stretch" it to fit larger effects, but this took extra time, and added extra limitations (the aid required concentratiion, for example). Every power used had to be described by a "spell." Spells were INT-based skills, but there was a "wizard" skill enhancer you could use to cut the cost a bit. Spells were chosen from a list that hid all of these mechanics from the player - the only purpose of the mechanics was to determine how long it would take to cast (a function of the size of the vpp, and the amount of aid necessary to expand it), the possible powers you could use to produce effects (you couldn't cast a spell if the minimum points for the necessary effects couldn't fit in the vpp), and the penalty to apply to your spell skill in order to cast the spell.
So, players saw descriptions like:
Fireball - description, x damage, x range, area of effect x
requires: magery II
skill roll -x
time to cast: 2 phases
pre-reqs: must know Burning Hands at 11- (all spells were divided into spell schools with pre-req trees that added a bit of extra flavor - so mages tended to be "water mages," "fire mages," etc. and the various types of mages had various different reputations.)
Spells didn't look like long catalogs of weird hero-speak, they looked like spells in other games. But, unlike those other games, spells in my game could all be quickly reverse-engineered if you needed to change a parameter.
This was heavily based on GURPS magic, which I used to be quite fond of. But, it provided the flexibility to add any spell (I converted the entire D&D spell list plus the entire GURPS magic spell list), while providing a mechanism to balance them somewhat against each other. Casting big spells took an investment in pre-req skills, extra time, and an extra investment in skill points to offset the skill roll penalty. I thought it worked reasonably well - Mages had a lot of options in how they chose their spells.
Unfortunately, all my notes and background material for this were lost in a disk crash some years back.