It's hit and miss. Basically, this guy plays like a wizard (hangs back and casts spells) with a lot of versatility and spells per day. The downside is that you're one full spell level behind your full casters buddies. That being said, you'll have various degrees of effectiveness compared to your friends:
Level 1:
You're a full caster on even footing. Nuff said.
Level 2:
Your BAB sucks, but you have lots of spells per day. Everyone's still using 1st level spells at this point.
Level 3-4:
You have a lot of 1st level spells, your BAB is still 0, but your buddies are casting second level spells. Second level spells are awesome compared to 1st level, so you've fallen behind at this point.
Level 5-6:
You now got 2nd level spells (and a lot of them) and your buddies have 3rd level spells. I'd say you're roughly even at this point. You don't get a lot of gems with 3rd level spells the way you do with 2nd level. There are a few goodies, but I'd say the extra 2nd level spells win out here.
Level 7-8:
You fell behind hardcore here. Your buddies have 4th level spells, and 4th level spells rock the socks off encounters. They can flat-out win encounters in ways you just can't.
Level 9-10:
You've got 4th level spells and now you're going to be awesome, but your buddies are getting into SoD territory and can Quicken spells. They'll win out on action economy, but I don't consider this to be as bad as when you were 7th or 8th level.
Level 11-12:
This is similar to the last two levels. Your buddies have some awesome new tricks, but you've picked up some goodies. You can quicken a lot and you've got a lot of SoDs.
Level 13-14:
They get 7th level and you have 6th. Compared to what you get at 4th - 6th level spells at each increase, 7th level is more lackluster. I'm not saying 7th level spells suck, but a lot of them do. I think they're on closer footing now.
Level 15-16:
Your firends have 8th level spells and you just fell behind again.
Level 17-19:
Your friends have 9th level spells and you're still behind.
Level 20:
You're now flat-out better than your buddies because you have everything they do, and a lot more of it.
Overall:
I'd say about a third of the time (if you play from level 1 to 20), you'll be on par or ahead of your peers. The one thing that keeps this class from being better is the assumption of you being a sorcerer and not a wizard. This keeps you from quickening your arcane spells, and that sucks.