Honestly... I'd love to see a system where the different casters feel different without losing a great deal of power through the use of gulfs of power.Wizard, Sorcerer: Full casters. Their spells range from level 1 to level 9.
Clerics, Druids: 3/4 casters. Their spells range from level 1 to level 7.
Bards: 1/2 casters. Their spells range from level 1 to level 5.
Warlocks: Same as they currently are.
But here's the catch: A level 7 Cleric spell, or level 5 Bard spell, is the same level of power as 9th level Wizard spells.
What you're getting by spreading the spellcasting levels out like that is twofold.
1) "Spell Gaps". Because a Bard gets 2nd level spells around the same time a Wizard gets 3rd level spells, there's a big gap in the Bard Progression between when they get 1st level and 2nd level spells, making room for greater class feature design room in that space. Things like a more robust Inspiration/Music/Performance system to provide support and effects outside of spellcasting.
2) Less Resources. Because a Bard only gets up to 5th level spells, they'll have less available spell slots than a Wizard or Sorcerer will over the course of the day, making other systems and features more important to their overall three-pillar functionality.
The cost, however, is also two part:
1) You have to assign different levels to the spells you create for each class. Wish, or it's equivalent, now needs to be Sor/Wiz9, Cle/Dru7, Bard5. (I know Druids don't get Wish, I was just using it as an example of how it'd have to be broken out.)
2) Designing spells becomes more complex as you have to decide which classes should or shouldn't have them and whether or not different classes should get earlier access. Right now, for example, Druids gain Control Weather as an 8th level spell. Under this system they get 6th level and 7th level spells. Should it be pushed up in power to their final tier of casting or placed below the level range at which Wizards get it.
You also have to deal with some player confusion over how strong spells are and questions about why a Bard's 5th level spell is as strong as a Wizard's 9th level spell, though I also feel like that could be resolved fairly easily with 2-3 paragraphs of design rationale in the "Magic" section of the book.
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