The March edition of Final Fantasy XIV Letter from the Producer has been published on the official forums. In it, players are given information about the forthcoming release of v1.21 and the impending world transfer.
According to the post, the magic system has been largely overhauled and will be ready for deployment with the next patch. The letter indicates that once deployed, the magic system will be virtually identical to the one included in v2.0.
The letter goes into great detail about what the team has been and is working on. You can see it all on the Final Fantasy XIV forum.