Hmm. Looks interesting. Only thing I might mention is that Wizards seem like kind of a stickler for the Vancian system, rather than your spell point system. This may not matter if you plan on not having wizards as 3.5 D&D, but just something to keep in mind. The learning spells and books and stuff seems like it wouldn't work in the system, but perhaps if people really wanted the flavor of the wizard there could be some kind of Scroll-a-mancer guy who scribes infinite scrolls in his spellbook and then uses them sparingly or something. Or that could be a prestige class. I don't know. This system will probably work just fine for everyone else though.
I don't see any problems, except a few with some small bits of math. I know my players would balk at least a little at the calculations present, and I'd have to walk them through it a few times. But that's what spell point per level tables are for, right?