I'm looking at the full
spell list for Wizards andd it already looks pretty offensive. Wouldn't the Sorcerer being able to create new spell slots undermine the point of having that garbage approach to magic in the first place making it OP?
Right now, with the wizard being able to learn every spell in the game, yes you're right it's a bit irrelevant to compare spell lists. It's not like that in the tabletop, and i think wizards shouldn't be able to learn everything precisely because it undermines the identy of other spellcasters.
As for the undermining, it really isn't because you have a limited pool of metamagic points, and the conversion is expensive.
Number of metamagic points = sorcerer level.
Spell points-to-created-spell-slot cost:
lvl 1 slot: 2 points
lvl 2 slot: 3 points
lvl 3 slot: 5 points
lvl 4 slot: 6 points
lvl 5 slot: 7 points
You can convert spell slot into points to gain 1 point per spell level. (Player handbook page 101)
Also keep in mind that these points are also used to fancy up your spells.