Make that a second on no premade lists.
My homebrew is a fading magic setting, so magic is/was known. It is just harder to cast now and harder to find someone to teach you.
But I must always invoke Wulf. Here is his reply to some of my badgering
". I hate to do it, but I'll give you a three-skull yardstick. Let's right away toss out two ends of that yardstick: the high-magic end of D&D, and the zero magic end. We're going to narrow down our yardstick to something in between.
*** (very low magic) The PCs may discover one or two spells total through the campaign. (But they are more likely to be devastating spells.) This is the Call of Cthulhu model.
** The PCs may discover 6-10 spells throughout the campaign; most of them will be minor, low-level, informational spells, with a couple of higher-level whizz-bangs. This is my favorite. Adding a new spell to your repertoire every 2nd level or so is a major accomplishment. For the most part, the repertoire of spells is chosen by the GM because of how they can be used to advance his campaign. Regardless, finding a new spell isn't guaranteed and the GM can use a new spell as a major item of "treasure."
* (high-magic, for a low magic campaign) Magic is rare, but known and controlled by certain groups in the campaign. Magical Adepts have some reliable source of "player's choice" spell gain: Arcane Adepts have academies and (with time and money) may learn one new spell each time they gain a caster level (most likely within a specialty school). Divine Adepts choose a domain and (through ritual initiations/heirarchies) may learn one spell from their domain list each time they gain a caster level. In this model, the structured approach to the existence of magic is innappropriate for wild adepts. If you want to be a wild adept in this model, you are still at the whims of the GM.
To me, that last * is still too high magic, but it seems to be the most likely thing you or your players will be gunning for.
Personally, I don't think any player should enter a low magic game with the expectation of "I'm going to be the wizard!" If you've already lost that battle, you've lost the low-magic war. Expectations will be set higher than you should be delivering in a low-magic game, and I would expect things to break down quickly.
EDIT: One last thing. The thing I don't like about the * option is this: the player gains a caster level and expects a new spell. Again, that's backwards. You should give the players a spell or two first. But the PCs should not have ANY impetus to improve their caster level until such time as they feel they know enough spells to make it worth spending that talent."
So there is Wulf's take on spells. So give them what YOU want and what YOU think they will need. Remember in a low magic world those utilitarian spells are better than combat spells! and should be more prevalent.