Hrm, how so? The CW version favors characters with iterative attacks, but I don't see why that makes it better. Sorcs don't tend to have iterative attacks, but they don't tend to attack much either - they can't qualify until 8th level, and would only use it for ray and touch spells, which virtually always hit anyway, meaning that the greater bonus to attacks is pretty much a wash anyway, more so because it's capped at your BAB. For a sorcerer, that means the CW version's lower attack boost is enforced anyway, and they don't receive any additional bonuses after 12th level. I'd say that's pretty much a wash - it's weaker at higher levels, and offers a point/spell level more damage before that. I see the CW version as being biased toward a dual-wielder, which has no justifiable flavor justification, and can make for some broken non-sorcerer characters down the road.
Incidentally, Nac, your hps seem a little off. 5d12 + 1d10 + 30 is 12 (first level) + 26 (6.5 * 4) + 6 (5.5 rounded up) + 30 (Con bonus) = 74.