I've thought about this issue for a long time and came to the conclusion that point based spell systems do not work for DND without also overhauling the spell system.
If a 6th level Sorcerer has 1 first level spell remaining and 1 third level spell, he currently can cast either 2 Magic Missiles or 1 Magic Missile and 1 Fireball (assuming for this example that these are his only offensive spells).
If you created a direct spell level to spell points point based system, this same 2 spells remaining Sorcerer could cast 4 Magic Missile spells (4 spell points = 4 1st level spells).
This gives spell casters (not just sorcerers) a big edge over non-spell casters at a much earlier level. This to me is a game balance mistake.
So, overhauling the entire spell system (making some very useful spells higher level, etc.) seemed like too much work. Instead, I added a simple house rule that does not remove the issue of studying for spells, but it does give spell casters a little more flexibility if they are willing to take a risk.
Any spell caster (not needed for Bards or Sorcerers) can replace a same or higher level spell with another spell, just like a Cleric can swap out a spell for a Cure spell. However, in order to accomplish this, they must make a DC 15 + level of the spell being swapped out Concentration check. If they fail the check, they lose the spell they were trying to swap out and this takes a partial action, just like if they were successful in casting the spell.
This gives spell casters more flexibility, but it does not lose the original spell flavor of DND of studying and praying for spells. It still feels like DND spell casting.
Granted, this makes others spell casters slightly more capable when compared to Sorcerers or Bards, but the difference is not near as great as converting their spells to spell points where all spell casters become a lot more capable than non-spell casters.