Darkfall, but it's safe to say that whatever else changes in the game, magic will remain important. The newest development blog for the game discusses the revised state of low-level magic and some of the basics of more powerful magic as well. Every character can use the lowest tier of magic, which mixes both Intelligence and Wisdom as important stats and can be cast regardless of what the character is wearing. Known as Minor Incantations, the school contains only five spells, but they're all of basic utility, ranging from basic magical damage to a simple self-healing spell.
Beyond the earliest steps, the developers have taken pains to try to make magic more balanced and interesting. The biggest element in spell potency is the governing attribute of the spell (Intelligence or Wisdom), but the level of the spell, the staff being used by the caster, and the overall level of the magic school in question all come into play. Take a look at the full diary to get a better sense of where the game's mystical arts are heading in the future.
[Thanks to Dengar for the tip!]