TEOM, at the core mechanical standpoint, is a purely classless system.
Caster Level drives how many spell points you gain, how many lists you may know, and how many 'free' cantrips you get.
In order to replicate a class, you limit the spell lists available. How the caster actually casts the spells are entirely fluff. If you want to keep the arcane/divine divide you can easily set up the Mage as not having access to the Heal list. Most of TEOM: LA {the second book} is dedicated to fleshing out various versions of casters and includes a write up of how to handle all the Core DnD classes in the system.
One of the best aspects, IMO, of the system is that it seperates the fluff from the crunch. The descriptions of the spell effects can vary widly based on the character casting it even tho the mechanics are exactly the same.
An example of this is the following spell, named either Heat Object/Emolation...
Evoke: Fire 4/ Gen 1
Short range {30 feet} attack deals 1D6 damage to target for 1 minute. Fort save for half damage.
Described as either:
The Druid gestures and barks an ancient, gutteral sound. Suddenly your weapon, armor, clothes.. and even your skin become red hot. Your blood boils in your veins as pain lances through your very being.
or
Tim the Enchanter gestures.. a bolt of Fire lances across the battlefield striking Sir Robin. The flames cling and grow, ungulfing Sir Robin.. his screams of pain joining the crackling of flesh and almost drowning out his bardic troupe.
..eh.. the spell is the equivilent of a 3rd level spell and highlights a couple of the different things. First is the duration
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Second is their is usually only an attack roll or a saving roll, not both. Third.. power of preparation...Resistance to Fire 5 pretty much negates this spell.
You would have to be a 5th level caster to cast this, as the system caps spell point cost in normal casting to your CL. Ritual spells, which can take days or even years, can exceed this.
One of the other great things about TEOM is the available support. Take a peek in the
Enworld Publishing Forum and you will find numerous threads discussing TEOM and how far we can stretch it
{edit.. noticed last line of above post}
Any spell point system will allow the caster to burn max power spells... the balance to this is a matter of pacing. If you have 1 encounter a day the spell point caster can burn points at will.. appearing massively overpowered. OTOH, if your player knows that there will be more encounters, potentially harder ones... they will conserve points as much as possible... appearing weaker overall. A good game will burn them out of points occasionally, but leave them with a small amount of excess most of the time.
The other balance to this is reducing the power of the spells in question.