"Power is only valuable if it can be harnessed." [Mythos][3.5/PF]

[Lanth Sor]

Am I correct in interpreting this to mean that even if you don't have the focus/ritual for the spell, you're still able to cast it if you can take the save/burn? Because that seems really strong, even for Mythos.

It allows you to cast any spell you have researched the ritual for as a normal spell without use of a focus. Having spells researched is limited baseline so much specifically based on this ability. its why they only get 1 spell per level.

Currently im playing a magos in one game and a Modern Spell Caster form the Technology Unleashed book. The modern caster is currently sitting at 50 level 0 spells, several high level spells, and 25 1st level, the magos is about in line with a sorcerer.