I think the worries of too many power points and spamming high level spells are really in the wrong direction. The Psion not only has higher base PP, but he gets bonus PP from his Int and will often have over 400 at level 20. He can spam tons of his 9th level powers if he wants, and they are pretty much just as broken as 9th level spells. We're talking stuff like Greater Metamorphosis (Shapechange+), Reality Revision (Wish), and Time Regression (You don't even want to know.) The Psion has to augment his low level powers to get full caster level, but this doesn't really affect how many high level powers he can manifest anyway (nor the more broken ones), so that's not relevant to the discussion really.

Honestly I don't like the direction you've taken the Sorcerer in terms of Spells Known vs Spells per Day. Now, he barely has more staying power than the old wizard, and he's traded it for a bunch of extra spells known. While this may be a beneficial swap in most cases, I don't think it's a thematic swap for the Sorcerer at all. I would ramp up Arcana/day severely (probably to Psion levels or above, and giving bonus Arcana/day for a high Con score) and if you feel the need to pay for it, ramp down Spells Known, possibly all the way to what he had before. You might also consider bumping the Arcana regeneration to something which will be significant after level 3, scaling it as (Con Mod)*(Caster Level)/N where N is a constant of your choice.

Some mechanical notes:
- True Sight is not strictly better than Detect Magic, since it doesn't do many things Detect Magic does. Because of this, you probably shouldn't completely "replace" the Detect Magic Ability

- Body Burn doesn't specify an action, and can easily be speed-healed with a wand of Lesser Restoration. This can be used to turn money into Arcana (outside of battle no less!), which is probably not the intent.