I don't think I've seen a game that does what you want OP. Maybe there is one, I don't know. I will add my voice for Magicka, though.For a long time I had been loocking for a game that had a better magic system of "You have firball, and all the standard spells" and Magicka is exactly what I had in mind even when it wasn't around.
But if you really want something that drills deeper into magick, I can suggest a PnP game. Multiple, at that...sort of.
Mage: the Ascension [http://rpg.drivethrustuff.com/product/199/Mage%3A-The-Ascension-%28Revised%29?it=1] is really cool. Probably one of the most flexible magical systems out there and a uid interesting world and cosmology. Nice metaplot, too, if you're into that. It's set in the modern day and you'll find mages from traditional pointy hat and robe wearing ones (although they do dress up nowadays) through druids and shamans, to magical hackers who can hack the power socket in your home and zap you with it and mad engineers who create jet packs, robotic servants and mind reading helmets. Here is a free demo [http://rpg.drivethrustuff.com/product/58433/Mage%3A-The-Ascension-%28Revised%29-Quickstart] that will give you a very small taste. Just a heads up, there will be a Mage 20th Anniversary Edition which would come out some time next year and it would be choke full of extra goodies.I'd recommend getting that if you're even remotely interested.
Dark Ages: Mage [http://rpg.drivethrustuff.com/product/2674/Dark-Ages%3A-Mage?it=1] is the above set in the dark ages. For a more "traditional fantasy" feel. The magic system is completely overhauled but still cool.
Mage: the Awakening [http://rpg.drivethrustuff.com/product/2743/Mage%3A-The-Awakening?it=1] is the successor of Ascension. It is still a very good game but has a different feel to it. The magic system is very similar to Ascension's but not the same. You'll need the World of Darkness Rulebook [http://rpg.drivethrustuff.com/product/1124/World-of-Darkness-Rulebook?it=1&filters=0_0_1840_0_0] with it, though.It also has a free demo [http://rpg.drivethrustuff.com/index.php?keywords=mage+awakening+demo+&author=&artist=&pfrom=0&pto=0] but I haven't really read it.