Arbiter of Wyrms said:
Now, I certainly acknowledge that if the character had failed to learn a spell on the sorcerer/wizard spell list or had otherwise used up all of the "free spells" for levelling up, then this feat would be a valid way to learn another spell on the sorcerer/wizard spell list, ...
And there is nothing else to it... hence the use of the word 'generally', which underlines, that that section does not add more options, but rather explains existing ones (in this case, how this feat could be useful to wizards still, altho they have so many options to aquire new spells already).
...but my reading of it is that this also allows the character to learn one spell NOT on their class's spell list.
That's more like wishful thinking, not reading.
There is no mentioning of the class spell list whatsoever, so reading that is impossible to begin with. Check Arcane Disciple for a feat, which actually does alter the class spell list, or the warmage's Advanced Learning ability. Both mention the list!
I think that one feat/one spell off your own list is a fair trade.
Sure, that might be, but it doesn't do that. As a house rule, that would be fine, tho.
I don't believe that spending a feat to get a spell that you could trade for or reasearch later in your career is reasonable, at least not for a wizard. Sorcerers or bards getting access to new spells is a big deal. For wizards, that's their shtick.
I agree, this feat is simply not good for wizards as written. Not every feat has to be.
Heighten Spell is also not good for wizards, but cool for sorcerers. Just like Extra Spell.
Bye
Thanee