The biggest thing I can see is, it makes all spells have the same save DC, regardless of spell level...which may or may not be a problem, depending on how dangerous you want magic to be in your game. Personally, I've always been annoyed with how low-level spells become useless as you grow in power; logic dictates that the opposite should happen.
At lower levels, the spell power remains relatively in line with the SRD. But the higher up you go in level, the more broken it becomes. And the formula completely falls apart once your characters get past 18th level. For example...
A sleep spell cast by the average noob wizard (Lv 1, Int 15) has a save DC of 13 under this new rule, which is the same as the SRD. No problem
A sleep spell cast by the average 133t wizard (Lv 20, Int 20) has a save DC of 25 under this new rule, which is 12 points higher than the SRD rules intended, and 4 points higher than possible even with the Heighten Spell metamagic feat.
A sleep spell cast by the average Epic wizard (Lv 30, Int 25) has a save DC of 32 under this new rule, which is enough to chloroform Tiamat. Far more powerful than the game designers intended.