SRD said:High Arcana: An archmage gains the opportunity to select a special ability from among those described below by permanently eliminating one existing spell slot (she cannot eliminate a spell slot of higher level than the highest-level spell she can cast). Each special ability has a minimum required spell slot level, as specified in its description.
IcyCool said:It eliminates a spell-slot, not a spell. You prepare spells into spell slots or spontaneously cast from your spell slots. Spells known and your spellbook are different than spell-slots.
So to answer your question, you eliminate one of your "spells per day" a.k.a. spell slot. Not one of your spells known.
Ranger5 said:Wow. Well I was told differently and thought it made some sense since Sorcerers get so many spells per day that losing one would not be that big a deal. But I also knew about the spells known not being your spell slots. So that is where the confusion came from. Thanks again.
Thanee said:The big cost for the sorcerer lies in the prerequisites to enter the class, which are more limiting for them.
Bye
Thanee