| The advantages are that the PC has doesn't have to memorize spells, as long as they have spell points they can cast spells, and the DM has significant control over what spells they can find or learn.
The disadvantages are that the PC has a limited spell selection, will feel pretty much useless once the spell points are gone, and it costs xp to learn spells that don't come from levelling.
I used the following house rules for Channellers:
A channeller could use a spell point to gain additional castings of 0-lvl spells. (Similar in number to the Magecraft feat of 0-lvl spells per day).
At mid to high levels the caster is extremely dangerous and is capable of overshadowing the other players easily. There were two ways I kept this under control. First, the player had to tell me in advance what two spells they were researching for their next level. That way I could take that into account when creating challenges in the future.
Second, players had to follow a spell tree. For example, if the player was looking to get Heat Metal or Pyrotechnics they had to know a lower level fire-related spell first.
Keep in mind that unless they caster is way out in the wilderness, every spell cast is similar to firing a flare into the sky. The trackers will begin hunting for their location. Protracted magic use and they could be endangering everyone.
A Spell Talisman is a coveted item for a Channeller. Consider how you might be increasing the effectiveness of the character if they get one. Especially if it is for an offensive spell. | 
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