Li Shenron
Legend
The issue with this though is that there are no other ways to do some of those challenges.
If you need to telepathically contact someone far away, there is a single spell that does that. Two if you count the sending spell. If you don't have that spell, you cannot succeed. Teleporting without a teleportation circle? Literally a single spell, two if you count going to a different plane via plane shift (which has it's own problems)
The fact of the matter is that if you design a series of encounters where having a single spell counters the encounter, and you speciifically map them to spells the sorcerer knows... then yes, this ends up powerful. But, you have also set up a scenario where they were going to be stymied or stuck without those spells, with no other way through. Is there another way through? Then why are we waiting 24 hours for the sorcerer to sleep for the day?
To my ears, that sounds like BAD ADVENTURE DESIGN. No other way to do a challenge? You cannot succeed if you don't have a specific spell? But that's exactly what Spell Versatility encourages. Why should I bother as a DM to come up with an interesting challenge, if the PCs can just sleep it over and get the perfect spell in the morning? Why should I bother as a player to think about how to solve that challenge, if I can just wait until tomorrow?
Sure the DM can than force the adventure pacing so that sleeping over is not possible. That's a solution just as bad as the problem created by Spell Versatility. The whole issue is mostly about travel, exploration , communication, knowledge, most of which can be paced faster, but if you are forced to fast-paced them in order to avoid the PCs taking advantage of Spell Versatility... then why the hell having Spell Versatility in the game at all?