Has the magic system been overhauled at all?
As someone who's main combat skill is magic, I can say no. It's not been overhauled at all.

The thing with magic is it gets WAY easier when you become a member, because suddenly you have so many options for getting runes and training xp really easily. I've got 68 right now and I could easily knock it up to 69 in about 45-60 minutes of the Mage Training Arena.
And when you can craft your own Law and Nature runes you no longer have to fret over every little teleport costing you rare and valuable items.