I would think that with the smaller spell list and weaker spells you should just let players to cast any spell from their list at will without preparing. Furthermore I think that familiars are usless xp destroyers (sorry for the bluntness, but I feel really strongly about that). They really aren't that useful as written. The class as it is right now is weaker than the paladin. It also needs some unique touches too, so you could take down too birds with one stone. What about a progression of special abilities that players can choose from (maybe 4 of them in a pattern) and maybe an animal companion instead of a familiar?