hmmm.... here is how it goes...
you can memorize as much as you want (for a mage, not for a socerer)
BUT at certain levels you can only be able to cast a NUMBER of spells in your spellbook...
the specialty mages have one extra slot to be able to cast spells BUT they will not be able to cast anything for the opposition school. meaning.. if you are a necromancer you will not be able to cast any illusion spells because it is an opposition school.
hope this helps... remember that even though you can memorize everyspell in the game... you can only cast a few spells... (and the no. of spells you can cast also depends on you int and wis stats)
GL
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