My view is still that generalists are better than specialists. Spells/day can be made up with scrolls, wands, and staves. Losing spells due to specialization cannot. Yes, it costs gp and xp if you make them yourself. I don't see this as a big detrement.
Now, this does come at a few assumptions about the campaign.
1) There will be multiple kinds of challenges, and varied spells will help overcome these challenges.
2) There will be plenty of downtime to craft wands, scrolls, etc.
3) DMG wealth is being used as a guideline.
Any one of these things puts the generalist at a disadvantage if it isn't present.
Now, yes, you get scrolls and wands and such either way. I'm not saying that the generalist can catch up with the specialist in spell/day because of them. He can't. He'll always be 1 spell/level behind. But, two things:
First, the ratios change when you take into consideration scrolls on a wizard. So, a 5th level generalist may have 4/4/3/2 spells/day with 2 scrolls for each level, and the specialist 5/5/4/3 with 2 scrolls for each level. Where the specialist would have had a 3:2 advantage, now he only has a 5:4 advantage on 3rd level spells. I don't think this is something to take lightly.
Second, you probably arn't going to use all of your scrolls (and charges!) every day anyway, so it doesn't matter as much as one might think. If you've got a wand of invisibility, it matters much less when your illusion specialization gives you an extra invisibility per day. And, yes, the illusionist doesn't have to use invisibility, it can be mirror image or blur or a number of other illusion spells. But, the generalist can use that slot to cast a number of spells that the illusionist can't ever cast. Replace this with staves at higher levels.
So I just can't wrap my mind around the concept of specialists being so superior to generalists.