I would agree, at Epic levels the Eldritch Master comes into his own, but I reassert: below level 20, this class is going to slow you down. For roleplaying it's interesting, but power-wise it is a *bad idea*. Let's compare a Sor10/Eld10 with a Sor20, shall we?
Sorcerer 20
Spells Known: 9/5/5/4/4/4/3/3/3/3
Spells Per Day: 6/6/6/6/6/6/6/6/6/6
Sorcerer 10/Eldritch Master 10
Spells Known: 9/15/12/11/10/5/1/1/1
Spells Per Day: 6/6/6/6/5/3/1/1/1
Both cast spells as a 20th level Sorcerer. The Eldritch Master also gets to choose a large number of his spells from other spell lists. However, some things to keep in mind here:
The Eldritch Master does not know any 9th level spells. Time Stop, Gate, Wish, Meteor Swarm, Mordenkainen's Disjunction, Miracle--say goodbye to all of them. He gets to cast his 6th, 7th, and 8th level spells (one each) once per day. Make 'em count.
The Eldritch Master's spells do not lose potency, but many lower level spells (such as Fireball) have a dice cap of 10. 10d6. You can fling fireballs all day, but if you want Horrid Wilting's 20d8 that's the only 8th level spell you get. And can cast a single time per day.
Yes, the Eldritch Master can fire off *endless* amounts of lower- and mid-level spells. Magic Missile, Invisiblity, buffing spells, Lightning Bolts, Ice Storms, Walls of Fire. But with a high Charisma, a normal Sorcerer will also have a fair boost to spells/day at lower levels (and possibly even high levels), and how many of these will you really cast between resting periods?
The Eldritch Master's biggest asset is the ability to choose from different spell lists. This coincides well with the larger spells known, as it allows a lot of choices from arcane and divine sources. However, you will never cast cleric spells as well as a Cleric, or arcane spells as well as a Sorcerer/Wizard. You are very flexible at the low-end, but above that you stagger to a halt. If you want Heal or Harm you have to pick one. And that means no 6th level arcane spells. And you have to get in melee to touch with Harm, something a Cleric is equipped to do but certainly not a Sorcerer. Why cast Cure Moderate Wounds when, by that level, you can just buy a wand?
I will admit access to multiple spell lists is also potent in that it allows you to use almost any magic item in the book. Still...
...the DCs of spells rely on their level. A Lightning Bolt, even cast at 20th level, is still DC 13 + CHA modifier. You can cast Teleport less times per day than a Sor20 and will probably never obtain Teleport Without Error. Sure, you can learn Cone of Cold, but Heighten Spell--something of great use to Sorcerers--is not nearly so to an Eldritch Master. Divine Power is good...Tenser's Transformation is better.
My bottom line: The Eldritch Master is wonderful for low-mid level casters, for people wanting flavor over power, and parties without a Cleric or dedicated healer. But at high level, this class is best considered only at Epic Levels when your high level spell abilities aren't so handicapped by it. I would shelve this until you reach 20 caster levels, then pull it out and realize how overpowered it is as an Epic Prestige Class.
Sorcerer 20
Spells Known: 9/5/5/4/4/4/3/3/3/3
Spells Per Day: 6/6/6/6/6/6/6/6/6/6
Sorcerer 10/Eldritch Master 10
Spells Known: 9/15/12/11/10/5/1/1/1
Spells Per Day: 6/6/6/6/5/3/1/1/1
Both cast spells as a 20th level Sorcerer. The Eldritch Master also gets to choose a large number of his spells from other spell lists. However, some things to keep in mind here:
The Eldritch Master does not know any 9th level spells. Time Stop, Gate, Wish, Meteor Swarm, Mordenkainen's Disjunction, Miracle--say goodbye to all of them. He gets to cast his 6th, 7th, and 8th level spells (one each) once per day. Make 'em count.
The Eldritch Master's spells do not lose potency, but many lower level spells (such as Fireball) have a dice cap of 10. 10d6. You can fling fireballs all day, but if you want Horrid Wilting's 20d8 that's the only 8th level spell you get. And can cast a single time per day.
Yes, the Eldritch Master can fire off *endless* amounts of lower- and mid-level spells. Magic Missile, Invisiblity, buffing spells, Lightning Bolts, Ice Storms, Walls of Fire. But with a high Charisma, a normal Sorcerer will also have a fair boost to spells/day at lower levels (and possibly even high levels), and how many of these will you really cast between resting periods?
The Eldritch Master's biggest asset is the ability to choose from different spell lists. This coincides well with the larger spells known, as it allows a lot of choices from arcane and divine sources. However, you will never cast cleric spells as well as a Cleric, or arcane spells as well as a Sorcerer/Wizard. You are very flexible at the low-end, but above that you stagger to a halt. If you want Heal or Harm you have to pick one. And that means no 6th level arcane spells. And you have to get in melee to touch with Harm, something a Cleric is equipped to do but certainly not a Sorcerer. Why cast Cure Moderate Wounds when, by that level, you can just buy a wand?
I will admit access to multiple spell lists is also potent in that it allows you to use almost any magic item in the book. Still...
...the DCs of spells rely on their level. A Lightning Bolt, even cast at 20th level, is still DC 13 + CHA modifier. You can cast Teleport less times per day than a Sor20 and will probably never obtain Teleport Without Error. Sure, you can learn Cone of Cold, but Heighten Spell--something of great use to Sorcerers--is not nearly so to an Eldritch Master. Divine Power is good...Tenser's Transformation is better.
My bottom line: The Eldritch Master is wonderful for low-mid level casters, for people wanting flavor over power, and parties without a Cleric or dedicated healer. But at high level, this class is best considered only at Epic Levels when your high level spell abilities aren't so handicapped by it. I would shelve this until you reach 20 caster levels, then pull it out and realize how overpowered it is as an Epic Prestige Class.