To be sure there are some good 1st level spells for those levels; I have used Sleep to great effect on more than one occasion. The issue comes down to reliability. If I only have 2 or 3 spell slots, to cover all of the pillars of play (for sorc/wiz it's typically combat and utility) it means you'll be Nova-ing your spells until you are a high enough level that you can lose a few slots without it making an impact on your resources.