Goodman Games

Reading through the section on magic, it would appear that a Wizard only loses the ability to cast a spell if they roll spell failure. Is this the case or am I mis-reading the intent of the spells as written?

For example if a Wizard successfully casts Magic Missile, does the effect go off AND the wizard can cast the spell again later on, or is the spell gone, as is typical for Vancian magic? It just seems like Wizards would be a bit too overpowering if they could cast successfully and always keep the spell.

Yup, you got it right. Ive been playing this way since the beta and it works great. It especially fits the flavor of the game where magic is unpredictable and dangerous. I love it, and believe it or not, it's still Vancian

Fire and remember, fail and forget, and watch for the fumbles...