I am in a campaign with a spell point system rather similar to this.
My feedback? It's horribly unbalanced.
The problem with spell point systems is that if it's anything close to allowing the normal Wizard distribution, it allows way too many high level spells and huge gobs of low level spells.
My view, which is probably unpopular, is that the flexibility given to such a mage is balanced if you do something like 'spell points = 4x the highest level spell you can cast'
That way, if you cast 5th level spells, you can cast 4 5th level spells. Or 20 1st level spells.
In the campaign I'm in, the spell points for mages and clerics basically means both classes rule completely. If you want to be a fighter or something, be a cleric and have magic squirting out your ears, too.