Ahhh...the sweet sound of large pieces of meat being slapped down next to yardsticks.
IMHO, psionics is no more or less broken, overall, than the core magic system of 3.X. There are some things psionics does better than magic and vice versa, and each system has exemplars of over and underpowered effects.
Its just that magic's problems are more well documented, while psionics' problems are more widely feared and misunderstood.
Actually, I'd put it a different way. It's not that psionics exploits are less well-documented, but rather that psionics has fewer, really bad exploits while magic has many, less terrible ones. There are only about 5-6 actually broken combinations with psionics, but all of them rocket off to infinity (infinite action loops, truly infinite PP tricks that don't require actions, unlimited buffs of infinite duration, etc.); however, all of those tricks are almost intuitively obvious if you look at the mechanics involved.
Spells, on the other hand, have exploits or broken abilities that aren't as powerful, but there are many many more of them and they aren't as obvious--binding a nightmare for
astral projection isn't the same level of gamebreaking, and a DM won't instantly catch on unless he knows of the trick or is good with the rules. Plus, the most broken thing in psionics, the Spell-to-Power Erudite, is in a web enhancement and is broken
because it gets spellcasting, whereas the most broken things in Vancian casting are pretty much in the PHB with a few exceptions.
Put those two together, and both are broken, but psionics are less so and more easily stopped.