This just came through, and it brings up some interesting changes to magic for Warhamer Fantsy. It comes down to knowing all the lore, regardless of level, with your level only effecting casting and dispelling.
Please remember that this is currently a rumor. If I can get more information on this I will.
via an anonymous source on Faeit 212
Magic is now 4d6. No generating spells, you know ALL of the lore, regardless of level. Nagash will know every lore he has access to, for example. Wizard levels only helps with casting/dispelling now.