I like it a lot. But then, 2nd-level spells are usually my favorites. It's a little stronger than most feats, but the one time I used it was as a regional feat in a Forgotten Realms campaign. It doesn't seem any stronger than most of those.
On a side note, what do you think is the best choice for the 2nd-level spell? I took Melf's Acid Arrow, but I think there could have been a better choice.