TFT lacks spells that cover the high fantasy idea of spells having large, long range effects.
I sometimes think every system needs three kinds of magic:
(A) One any character can learn, and all it costs is experience points or whatever. When you tell a villager you are a powerful Type (A) magician they try to sell you an overpriced hat, or bring out their children in the hope of marriage or apprenticeship.
(B) Several kinds that can only be acquired through story: completing tasks, finding lost texts, etc. and aren't understood until acquired (the rules have plenty of options and you don't know which apply). Finding out what's going on is part of the story. When you tell a villager you are a powerful Type (B) magician they either ask you to turn their romantic rival into a newt (which you've never claimed to be able to do) or make the (completely ineffective) sign of the thrice-salted cow and run back indoors.
(C) One that can't be acquired by PCs at all and just represents weird awesome stuff like cities that are always frozen, forest glades where animals can talk, or magic shops you can only find when you have no money. When you tell people you are a powerful Type (C) magician they ask you if you're feeling all right or beat you with palm fronds.
A particular campaign might not need all of these. Or a couple of them might be merged to some extent. But I think a system that supported all three would be able to tell a wide variety of stories.
These are very preliminary thoughts and I reserve the right to change my mind on all of them. Has anyone seen a discussion along these lines?