Yeah with 2 skill points a level a sorcerer and the wizard aren't that great either it's not like they have points free to dump into diplomacy and Knowledge (Heraldry).
I don't like them myself previously if you wanted arcane versatility you went wizard if you wanted to blast things lots you went a sorcerer. Now their doesn't seem a point to taking a sorcerer. Sure your sorcerer can take invisibility or fly but they have so few spells known, you can bet a sizeable number use to be used for blasting, which means they don't have the versatility of a wizard nor the combat ability of the Warmage (who gets armour and better hit points as well).
This class and the other arcane specialists (Beguiler for example) effectively make the sorcerer a redundant class, or at least significantly weaker in most campaigns.