To clarify my perspective, if I were rewriting the Soulknife from the ground up, I'd:
1) Give them the ability to choose about 1 PsyWar power/level and enough PP to minimally power them.
2) Fold in some other abilities to flesh out that psychic ninja vibe. Perhaps folding them with the Elocater?
3) Take a good look at the Feats (and the rulings) that affect them, all of them. Look at all the ones in the XPH, CompPsi, Dragon #341, Hyperconscious and whatever, and redraft them so they're all meaningful.
And clearly worded. For instance, the Mind Dagger feat in Dragon#341 may actually generate more daggers than it is possible for the PC to use (its been debated a few times, to no real conclusion). Practiced Blade Manifester is probably a must, and the Dragon versions of the Shape Mindblade feats are superior in design, flexibility and efficiency to the ones in CompPsi.
In conjunction with this, I'd set up a Bonus feat progression so the class could actually get to use those feats.
4) Make Knife to the Soul available at lower levels, and have it increase in potency as the PC advances.
5) I'd keep the Medium BAB, but I'd boost their skills into the Ranger level. As I've said here and elsewhere, boosting them to full BAB would make people play them like front line fighters...and that will just get them killed.
The Medium BAB coupled with a KttS that becomes available at lower levels and better mobility (see my suggestion about Elocater) makes this a scary class for any spellcaster or manifester to face. And once they start throwing or shooting the mindblade, they won't even have to get close to drop those mental stats...
There were several discussions of this around here...here's one:
http://www.enworld.org/forum/d-d-3rd-edition-rules/181047-soulknife-mindblade-question.html
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And while I was at it, the Kineticist PrCl would become the blueprint for a direct-damage dealing psionicist. While I personally view the Nova-blasting Psion as a self-correcting issue, most people don't. The Kineticist has a nice balance of powers that deal damage from personal reach to 15' out to LOS range, but not in huge amounts. They're kind of like the Warlock in that.