Elder-Basilisk,
I looked up the Miser with Magic feat, and it is limited to a number of spell levels per day equal to the caster's primary ability bonus. An Int 18 wizard could get an extra 4th level spell each day, or two 2nd level spells, or whatever.
It kinda reminds me of the bonus spells that spell-casting prodigy will give you. Of course, you don't get a +1 to all your DC's; you also don't have to take Miser with Magic at first level. And spell-casting prodigy is quite powerful.
But still, it suggests that MwM is not completely unreasonable.
When my campaign starts up again in a few weeks, I intend to allow MwM, and the (nerfed) Irresistable Spell feat.