To each their own, of course.
I think the future of LotFP is heading toward becoming more of its own unique system, with strong old school roots. In many LotFP (and old school) campaigns we never get to play with the higher level spells b/c characters never live that long. The new system allows potential access to all spells right off the bat.
Also, "summon" is perhaps the most popular LotFP spell (and it's first level) so I think the new spell system is trying to emulate that exciting, risky feel with every spell.
If you keep using the original magic system, then VAM and EC make great options for scrolls that any character can try to use.
It might but if it ever does it will lose a large number of its customer base and suffer from it with new players not being sent it's way as often.
LotFP is one of the most widely suggested rpg's for those looking for a good BX substitute. A BX with kewl house rules kind of game.
So a lot of its fans love it for being just that. Take that away and you might still have a great game, maybe even arguably a better game maybe but it will not be the game everyone points to for those wanting a good BX substitute.
That's my opinion anyway.