My answer is more complex. IMC, we've redesigned the core rules quite a bit, and one of the things we did was to combine the Wizard and Sorcerer into one class. Since we also added the psionic classes, this doesn't weaken casters any.
The new Sorcerer, among other things, gets Eschew Materials at 1. Also, they have a new rule (that we had previously allowed as a house rule): you can use a spell-known-slot to learn a metamagicked spell, assuming you have the appropriate metamagic feat. You don't need to already know the spell in question, though.
So, you could use a level 5 slot to learn Empowered Fireball; casting it would take 1 action (instead of 1 full round) because you learned it that way, but the downside is you can't cast a non-Empowered Fireball, and it's still only a level 3 spell for save DCs and such.
Anyway, combine those two rules together, and it's assumed every Sorcerer learns every spell as if the Eschew Materials was applied. You'll still need expensive components, but not the cheap stuff.
Bards, on the other hand, still need component pouches, but at least they don't have to harvest bat guano.