I've played with replacing the preparation and time requirements for metamagicked spells with using XP/level. 25 xp per level of the original spell per level of the spell increase (with 0 counting as half). A quickened altered self costs 25 *4 (level of spell increase) *2 (level of original spell), or 200 XP to cast. Uses a second level slot, just like the original spell. Even spontaneous casters can make use of it.
It makes all metamagic a potentially costly affair, especially to the level which people throw it around.
Of course, I've also considered switching to the Palladium XP system for D&D. Less combat oriented, more role-playing and solution-oriented way to allocate XP.