Here's a sneak preview of our first update for those of you wondering about the adoption of the Magic System.
I don't need to tell any of you that this is THE problem of an Ars Magica game- undoubtedly, it's the reason why any designer or developer that has looked at this has shivered, and slowly backed away in horror. First things first, as mentioned in an earlier comment yesterday, we're including only the Spells in the 5E rulebook (along with KS Spells created by Players) in the launch game. This has the extremely important benefit of allowing us to know what's going to be possible with Spells before we ever begin to implement.
Spell Effects are divided into three categories: Covenant gameplay, Adventure and Battle. Spells don't necessarily neatly fit, either- they can belong to one or more categories.
Covenant Spells contain all the Spell Effects that you can use to upgrade your demesne, provide long-term boosts, and also a lot of information gathering or quality of life Spells, which affect the Covenant overall, or which may provide information you need to unlock actions and opportunities. These you can cast instantly, in some cases, or ritually in others, paying the costs as required.
Adventure Spells are those which can directly affect the course of a dialogue, an exploration or in some way provide investigational tools. These Spells include the ability to read minds, boost Abilities needed, and find new ways to collect information. As before, you can cast these instantly, whenever you want to- and, if you don't, you can miss information, so there's a bit of a puzzle aspect to some of these, especially the investigations.
Battle Spells are those which deal damage, apply states, boosts and change the environment. These kinds of Spells are fairly straightforward, but it's important to note that Battle does not just refer to simply physical combat; it could also be a tense diplomatic exchange, finding your way through a savage forest or struggling with your inner demons. Our engine is built to be flexible for these kinds of story needs, and you'll see Spells that you wouldn't normally consider 'Battle' Spells having a crossover for certain kinds of Battle.
...so, where does this leave Spontaneous Magic? First, Spontaneous Magic can replicate the Effects of any Spell in the game, whether you know it or not. Secondly, Spontaneous Magic can appear as a special (scripted) option in any portion of the game, for especially those areas where simple magic is called for that doesn't have a Spell analogue.
A few quick responses about your other questions:
Original research
Yep! You can research any Spell Effect in the game, and make your own Spell around it, if you want utility. Spell Effects are based around a Technique, Form, or a combination of both, so you can't make an Ignem Spell that douses someone in water.
Magical item enchantments?
Yep! Per 5E rules. Go forth and exploit!
Experimenting?
Yes, but it's a slightly different system, and based on a behind-the-scenes table.