The thing is that Echoing is a Metamagic Feat and can be applied to all of your spells (if you can reduce the price tag a notch or two) while Extra Spell only gives you one spell slot at all. This let's Novas do their trick while granting them some sort of saftey net for when the backlash sets in. It softens the blow for the later encounters by giving you back some options, even if they are all somewhat crippled. Which is why this is viable, as this+Practiced Spellcaster+Ultimate Magus (or Divine Metamagic) allows for a 2/day nova while still allowing you to play in the third and fourth encounters. That's what makes this a solid metamagic feat.
That, and the fact that CL is so easy to boost it isn't much of a penalty.
But only if your DM habitually gives multiple combat encounters in a day that are more than one hour apart but less than 8. In most games that I have been in (which may be the exception, I don't know) important battles seem to be either 1 big battle per day (wilderness encounters, or you get jumped in town, or you jump someone in town) or smaller fights stacked right on top of each other with little downtime (you are in a big location going room to room with time constraints or threat of discovery). If running out of spells is a problem, and you have unlimited time, OTOH, you rope trick, or just camp. I see very few instances where this feat would actually see practical use. Shadow miracles is certainly one, due to the versatility of the spell, but honestly, I can't think of a game I have been in in the last year where if my gm gave me this Meta on all my spells for free it would have really altered play at all. So you are going to spend 2 feat slots on it (one for the meta, one for Practiced Spellcaster)? I'd say this one takes a big leap out of useful and into the theoretical optimization side.