Likes: Erm.... Makes draconic casters easier to GM and more reasonable.
Dislikes: Not quite enough spells to do anything stand-out. Too few skill points. No bonus abilities. Too narrow of a skill list. Same hps/bab as wizard. Really, it seems like sorcerers get their spells innately and automatically turn into lazy SOBs. None of them actually seem to do anything with the time they free up not having to to study.
Hate: Draconic blood being hammered down our throats at every turn. It was fine when it was listed as "one possible theory" in the PHB. Even a throw-away feat/PrC or two were fine, as they didn't take up much room and were easily ignored. The bloodline feats, etc. have started to make it seem canon that all sorcerers have a freak in their ancestry, which annoys me.
I also don't much care for them as a model of a "natural caster". Either warlock or psion fits that role better, IMO. I always say they are just focused casters who pretty much have (Improved) Spell Mastery for all their spells.
What I'd much prefer in a hypothetical 4E is to take the notion of the beguiler, warmage, etc. and make it more versatile. Give the sorcerer a broader list of spells known than he currently has, but limit him, absolutely, to those spells. If you don't choose fireball as a spell known, you can't use the wand of fireballs -- that sort of thing. Give them 4 skill points, d6 HD, light armor proficiency, and maybe a medium BAB.