I think it would take more effort to balance spells to be used across multiple completely different classes. A sorcerer, for example, has a spell point system which is by far completely different than the wizard's dailies.
I don't think it's too much if you have a set spell progression for each bloodline. Basically the sorcerer wouldn't really get to choose or change their spell list.
Isn't this what they're doing, but with more flexibility? There is a progression of "sorcerous powers" the sorcerer gets every few levels, according to bloodline that he doesn't choose or change. He just also gets access to the sorcerer spell list for variety, which happens to overlap with the wizard's list.
Everybody gets what he wants! Everybody can be happy! (as if that'll happen)