Ante Scriptus: (That isn't proper Latin!) I only try to lay out a solid argument for randomized, organic, "low" magic as Rowanas mentioned. Actually, as I was writing this, Rowanas brought up his suggestion that is along these lines, so...
The thing is magic in general is hard to get right in a fantasy setting without falling into the usual pitfalls of it existing in the first place. Most magical universes just sorta throw it in and give no rational for it, and allow it to do pretty much whatever it wants with no consequences and the only real downside being time and fairly uninteresting and easy to acquire resources. This is especially true of many fantasy videogames.
Look at D&D: past 12th level, magic users are so over-powered it's ridiculous. The spells are also on the whole kinda unimaginative, involving the summoning of stone walls out of nowhere, "spongey" balls of rolling fire, and magical beasts decidedly outlandish and inappropriate for the character in question to even be aware of. Much of that comes down to the DM, of course, but it is often glossed over.
This is all largely due to (in my opinion) the Disnification and commercialization of the entire idea of magic and the supernatural. Just recently someone brought up including the "fair folk" in DF, but the real faeries, that is, the badass little bastards that will make your life hell, even if you've done nothing, just because they can. Steal your children, kill your livestock, that kinda jazz. Such things are not included in most fantasy because it is not the popular conception of the topic. Magic is the same. The depth of the topic is lost in spell lists and magic wands, artifacts we've created after the fact to romanticize magic, make it sorta "sciencey," perhaps as some way to appeal to the nerdy asthetic of SCIENCE!
The fantasy magic we are often presented with is plastic and orderly; there are discernible and predictable rules, theories even, that govern it. There is no room for chaos, no room for the raw creativity and destructiveness of dealing with things beyond the scientific, observable world, things that exist outside of explanation. Wizards are presented as people who can simply order the universe around like some play thing, rather than ask it do something for it.
The best example of this I can think of is the magic of the Discworld series. There are two types: Wizardly (males) and Witchcraft (women). Wizardly magic is more like pop magic: lots of books and wands and devices, magic punk if you will. There are explicitly described as geeks, too. They have laws that work exactly like conservation of mass, and spells require much preparation and experimentation to get right. Witches on the other hand don't mess around with that crap; hell, it barely matters what objects they have sitting around to do their work. The cauldron need not be made of anything in particular, it could even be a tin bucket, the wand doesn't even need to be a wand (they've used a wooden spoon and laundry soap before); they just sorta, you know, do it. They don't have to force possession of an animal, like switching out the consciouness like a wizard would, they just simply ask to tag along for a bit, and do so. No worries, no accidents. Hell, a Wizard will never ask a creature to do something, they will order it to do so through mind control.
So some static system would be...disingenuous to the whole atmosphere of DF. We have cannibalistic elves, for Armok's sake. In a videogame it is hard to have something organic, but a randomly generated system would be far more appropriate and may approximate such an earthy paradigm.
What I'm getting at is specific effects for things are poppy, kinda bleh. (Don't take this personally, please) A sword that paralyzes at long range? Why? Wouldn't you rather have a sword blessed by the power of Armok, via some totem or such, that could do anything, that might even affect combat in unnoticeable ways? If you really want a sword of heat beams, what do you think you'd have to give to ask the universe to do it for you? Your soul? Another's soul? Fielty to Armok? Would you let demons possess you in your sleep for such power?
If real consequences of magic are not included, it implies that the universe properly behaves in that manner. If it did, it would be completely destroyed by ambition and evil (what if the Golden Spear actually did give Hitler all-powerful might?). It also means that magic would necessarily be mundane, boring, commonplace. If I can combine an ounce of water, two raisins, and a pinch of sugar to create a highly flammable liquid (no joke, that is an actually 3.5ed spell component list), why aren't I doing so on a massive scale, creating energy from practically nowhere? Magic is meant to momentarily violate the rules of the universe, the mundane, predictable day to day rules. And to violate the laws of existence, you'd better damn well be prepared to deal with the cost and consequences. Dwarves can't just go around firing heat rays and raining divine pestilence on the enemy willing nilly, because why have traps? If I can train a dwarf to explode enemies off hand, why bother with anything but three champion level Warlocks?