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Well, if they aren't, then it would defeat the purpose of a spell point system because the number of spells per day would not be different enough to justify the system. If they are, then you need to be careful the game doesn't unbalance.
What I mean is, say a sorcerer would normally know three 1st level spells and one 2nd. Should he, under a spell point system, be given 6 spell levels known (max level 2) and thus be able to choos 3 1st and one second or zero 1st and two second?
Well in Unearthed Arcana the spell point system assigns a different spell point casting cost to each level:
Level 1 - 1 spell points
Level 2 - 3 spell points
Level 3 - 5 spell points
And so forth.
They don't screw around with the how sorcercers learn spells but it sounds like a great idea to me.
When the sorcerer gets his first 3rd level (worth 5 points) spell known instead of learning it he could learn 5 first level spells (1 point each) or 1 second level spell (3 points) and 2 first level (1 point each) spells for example.
Seems like a good idea, only flaw I see is a sorcerer potentially having a much more diverse spell list. Of course to gain that diversity he wouldn't have as many powerful high level spells.
You'll also need to play around with how the sorcerer can change his spells know every few levels. Probably assign at those levels a certain value of spell points that he can change.