Nay.

I like GURPS magic. Each spell is a seperate skill, and you need lower forms of magic to learn higher ones in the same school - before you can learn Fireball, you need to learn Create Flame - so you actually have to devote yourself to a field if you want the best spells of a specific type.

Plus, there are spell mishaps. Those are fun. And there's no penalty for wearing armor. That's also fun.

GURPS magic can get pretty crazy in high-powered games, but it's not that hard to keep in check.