One of our players was a Psion in our last campaign, I have to tell you she kicked major but by the time she was 20th lvl. Holy crap, nothing could touch her. It was ridiculous. The one nice thing that we experienced with her being a psionic was no ASF. None. You can use whatever armour you like, and it didn't affect you. Also, you could pretty much cast whatever you wanted, however you wanted. All you had to say was that you were going to expend the points to do a quickened, empowered, whatever power, and you did it. There's no spell slots that you have to use. So if you wanted to use a 9th level spell, and have it quickened, you can't as a caster. However, as a psionic, you just had to pay the extra points. The other nice thing is that weapons, armour, and items can all have an ability put in them so you can "gather" more power points from them. Where as with a spell caster, unless you had pearls of power for that particular level, you were out and that was that. Not with a psionic though. I don't really see a downside to psionics, other than prestige classes are a little limited. As well, it really helps you to have a psionic race before hand. Not that you can't use a regular race to be one, it's just that you don't get bonus power points.
Other than that, there's not much else I can tell you other than your character has to remain focused, a lot.
Remember, though, that a psion can only apply 1 metamagic feat to a power, unless they have taken the correct feat chain and can apply a 2nd metamagic feat through their psicrystal. Only at epic levels with Epic Psionic Focus can a psion apply a 2nd metamagic feat to a power. Wizards & Clerics can apply as many metamagic feats as they want to a spell, as long as they can pay the slot.
Also, psions are not proficient in any armor or shields and would have to pay the armor check penalty to any skill and attack rolls made while wearing it.
That said, psions are very versatile overall and are only limited if you stick to the normal 4 encounters per day that is recommended in the Core books. If you run 4 encounters per day, then the psion might have to conserve power points, whereas a sorcerer can often just keep blasting. If you typically run 1 or 2 encounters per day, like many DMs, then a psion can fully augment every power and not worry about conservation...