Here's a few minor things I've come across when waffling between the two:
One possible plus to Energy Gathering is that it solves the weirdness of Magery and IQ (minus Will and Per) costing the same, since Energy Gathering Magery serves a completely different function. On the other hand, Effect Shaping Magery works basically like a Power Talent, which can be a plus if you want it to feel mechanically unified with other Powers (the case in my setting).
Another thing you lose with Effect Shaping as-written is spell quirks (
though I've written a hack to add them back in).
There's a bit of weirdness with Effect Shaping spell design, where you might find that, after you've worked in all the parameters you want, you're still several "energy" points away from the next penalty threshold. Which can result in spells with a longer duration, more damage, etc than the concept actually called for, at no mechanical penalty.