I like the revision a lot. Many good ideas coming out of this. I plan to stay tuned to this thread.
I have a few thoughts, but as yet I have not completely wrapped my head around this. This idea changes the game so drastically that I am not sure it will even quite be D&D anymore. But I'm working on setting such biases aside because this system is really cool.

I think it is quite possibly the only good thing to come of the BoNS so far (I don't really like it, but I do like this idea).
I think one thing to watch out for is the fact that spellcasters under this system will have a tendency to use their highest level spells first in every combat. IMHO, there needs to be something to persuade the characters to rest eventually and not to simply recharge themselves after every fight. I am led to believe such a system would wind up tedious. Every dungeon would be: room 1, attack, kill, meditate and recharge; room 2, attack, kill, meditate and recharge; repeat ad nauseum. I encountered this problem in the campaign I once ran using recharge magic (see
Unearthed Arcana), and it was a disaster quite frankly. The only combats that even remotely challenged the PCs were the EL = level +2 or higher ones, i.e. the ones that were supposed to threaten to kill at least one character. (Incidentally, this is my problem with the BoNS; it means that each fight will start with a character using his highest powered manuevers, making mook or minion fights completely pointless whereas in traditional D&D they force the party to wisely ration their resources).
Think about it this way. A 13th level party will have the mage open every battle with prismatic spray or [insert favorite blasting 7th-level spell here). If you use the BoNS, then your fighting classes will not be ecclipsed because they likely have manuevers as well. But if you don't, the fighting classes will be outdone all the time (another problem with the recharge magic system). But let's assume you do use the BoNS. Is it really going to be good for the system to encourage this type of play? To me, it is monotonous (this is exactly what we decided after a good run with the recharge magic system). High-level spells are cast so often that they become trite and not-so-special.
I think this system would work GREAT for a campaign that focused solely on climactic battles and glossed over insignificant ones. But most D&D campaigns (IME) are not structured that way. They rely upon the dungeon to slowly divest the PCs of their resources so that the villain at the end has the advantage of being fully prepared while the PCs are on their last threads. This can make a 10th level wizard a challenging fight for a party of four 10th-level characters who are low on spells and hp. Under this system, the wizard would need to be much more powerful to challenge the PCs. Not that this is a problem. I am simply pointing out some of the changes that will be necessary in this system.
Along those lines, let me offer another example, a possible loophole to the system as you have designed it, Blue Sky. All wizards are going to want
rope trick once they reach 3rd level. At the end of each fight, to ensure another encounter doesn't come after them before they are done meditating. This essentially guarantees that each encounter happens while the party is fully refreshed. Sure, the DM could resort to gathering his baddies around the rope trick to ambush the PCs when they come out, but that requires a certain level of metagaming on the DM's party. It is also yet another thing that would become trite with the system.
One final issue that might be worth noting is the use of consumable items such as potions, scrolls, wands, and staves. I believe these items would become virtually worthless under this system. Some may not care while others do. Just something to think about. Maybe there is a way to make them useful (e.g. potions always have maximum effect? wands grant unlimited uses of a spell? just some ideas).
Anyway, I still support this idea so don't take my criticisms as harsh discouragement. I really do think this idea is awesome and want to see it flourish. But these are things that should probably be considered.
Allow me to offer a suggestion. Perhaps the caster level penalty should not be so simple to remove. Maybe the incentive for resting for the night should be to remove the caster level penalty. That would retain the need to strategically manage your resources while still allowing a character to regain spells if needed.