Sorcs do very well in games where there isnt a lot of time to prepare and they have to do things at a rushed pace, wizards only really do ok when they have a little time to research.
As for spell selection, I play a high level generalist wiz and have done for about the last 10 years, about the only things I change regually in her mem are a couple of tactical low level spells and occassionally if we're going into a specific hostile environment I'll change the offensive loadout to affect creatures I think we might meet.
Apart from that, its basically the same, most of the spells that make bodies hit the floor are just another version with a higher DC and you can do that with metamagic.
As for sorcs and metamagic, they do fine, just make sure you position yourself carefully when you let rip and its easy enough.
You will miss out on having a lot of skills which is where I hear the only complaints really from the party sorc.
Divination, the clerics are better than me in 80% of cases
Firepower, even with a 'howitzer' build I can never even touch the sorc's damage output.
"Buff" type spells, Clerics are better for the most part and I dont have the spell slots to do everyone.
So where do I fit in?
Dunno
Guess its the 'de-buff', 'no-save' and 'insta-kill' type of spells that I seem to support the party best with, I think that you could probably do the same with a Sorc as well if not better. Room full of evil dudes, I open up with a chained-enervation or chained energy drain, (rivers of tears follow

), heighted & chained Ray of Enfeeblement or Disjunction and you have room full of drooling newbs that get whupped to pieces by the rest of the crew. For making it personal theres always the heightened Disintergrates and Temporal stasis spells which rip the badies a new hole.
Problem is, I cant do it real often which is what you need in a protracted fight.
Ive lost count of the fights where Ive run out of spells halfway through and the sorc is barely scratching his nuking repatoire.
For your sorc, you'd be a flexible party member with an armload of scrolls, and a few choice charged items to fill in the areas they dont have in their standard loadout.
Lets face it they only really spend their money on things to make them prettier, tougher and hair gel otherwise.
(Well, we pimp our sorc out to "Gather Info" once in awile... to 'pump information' from lonely little sages and loremasters)