There is something fundamentally off with 5E Sorcerers.
Most groups have only a single arcane spellcaster. Sorcerers are too inflexible to fill that role.
Also, if you don't choose the blaster role, you aren't compensated in any way (that is, if you abstain from Fireball, do you get any bonus? Such as two known spells instead of just the one? No)
This makes every Sorcerer that doesn't choose the best-in-class spells severely underpowered, and it makes every Sorcerer something that really only works in agroup that already has one more spellcaster (so the Sorcerer can focus on blasting things, and leaving all the special cases to the other guy).
Due to the nature of the sorcerer spell, list. It goes even deeper. The sorcerer list lacks some of the best spells that are not merely damage. Or the wizard spells that avoid saving throws, or have multiple uses. It is rather barren in comparison. - As I quoted in the original post, the players handbook states a sorcerer should be every bit as useful as a wizard. As such, I have come to a decision for this particular rebalance attempt.
I am removing the limit on the amount of spell slots you can create that is based on level, because cannibalising their own energy for more weaker effects is a choice, not a requirement. Sometimes, you just need some lesser bang for your currency. So yes, you could now cannibalise a 3rd slot, and create two 2nd level spell slots.
The motivation for this is simple, the sorcerer knows so few spells total, that being able to cast more spells from 1-5, based on their choice makes sense. They are walking magical capacitors. And every such trade you makes still involves trading away a bit of metamagic goodness.
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By providing the wizard spell list, without the named spells like mordekainen, you get a sorcerer that can make choices aside from merely damage. And each sorcerer is likely to not just have the same spell list as every other sorcerer. And it embodies the quote in the PHB.
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There is really only one other thought I have been considering. Sorcerers are supposed to be good at blasting, but there is basically nothing in their features that ebodies this aside from empower spell. Even dragon bloodline only provides charisma to your heritage damage types. It seems like a missed opportunity that sorcers are so bad at improving their damage, despite their supposed status as more magical than thou.