1. Psionic Focus - Why is this not replacing your spellbook at least? Why the damage focus on a traditionally utility-focused concept?
2. Psionic Devotion - Why pick one? This stuff is core to the idea of being Psionic, so why are you Psionic some of the time but not most of the time? We will see this theme recur, sadly.
3. Thought Form - What the heck? That isn't a thing. That's never been a thing. They shove the ability to cast without components, a key Psionic concept, into a sub-ability of a high powered, flashy and totally unnecessary defensive ability. Terrible.
That's assuming there won't eventually be an entire class as well, which I think is pretty likely if/when 5E Dark Sun happens.
This is most definitely a thing. Seriously? Shedding one's body and becoming a creature of pure energy is what Psionic users do. Dozens of examples in fiction: becoming one with the Force like Yoda, all those energy beings in Star Trek and Babylon 5, Protoss from StarCraft. Mind over matter is such a core Psionic concept, I don't understand the hatred. This, to me, is pretty darn cool.
Also ... unnecessary? This replaces the battery of defensive spells I see wizards run and it doesn't require Concentration.
In all those examples, it's an insanely huge deal, which is either only possible after death, or by some significant and shocking process. If this was a permanent change at level 18+ that comparison would definitely work.
This guy does it INT mod times/day and does it just so he can cast spells without components... If Luke kept becoming a Force Ghost any time a door was giving them trouble or something the movies would have a very different tone.
So no, it is not "a thing". The thing you are describing is momentous and very different.
Also, as accidentally admit, it's rather overpowered and replaces tons of other spells entirely, so is total nerf-bait.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.