I think this is a great answer, which I have got a lot out of. However, a lot of my angst and concerns came from KRyan's posts around this site to begin with. I proposed something that would help alleviate those concerns. I didn't invent the limited magic, I just realized, combined with less slots, and removing/altering spells that don't fit the pattern of having to heighten to be effective (can be done as they come up), seems to be the best thing I have seen out there. Everyone complains, but no one proposes fixes. Is it a perfect fix? No. Is it an improvement? Maybe?
But in actuality, I am most likely going to do as most answers state: focus on making sure we have fun. As a DM, I control encounters, so I can balance challenge almost indefinitely depending on npc's spells, etc. I can create monsters that feed on spell slots. Whatever. But I think the gist of this post I will take to heart, and revisit limited magic when/if the PC's reach 13th level or so. I can deal with teleport, etc (dimensional anchor, teleport trace). Problem is, if I introduce it later, when wizard goes from 13th to 14th he might be less powerful, and won't want to do it.