The reason the Eldritch Master doesn't give +1 level of spell progression is that it would be overbalanced if it does. The abilities it gives are extremely awesome! The best thing about it is the extra spells known. This is the most awesome class a Sorcerer could ever take! It gives a Sorcerer so many spells known it is insane, and he can even learn other classes' spells! Sorcerers with healing, etc... The thing about this class is that it is much better if taken at epic levels. You don't increase your spells/day beyond level 20 anyway! (though your caster level still increases) The spell boosts are effectively free improved spell capacity. All those free spells known are equivalent to many, many spell knowledge feats. The class skills are awesome, and it has some really cool special abilities too. And it also gives three bonus metamagic feats!! This class isn't weak, it's just the opposite, maybe even too powerful!