Wizard Spellbook: Where is all the space?

[Psyren]

While it says nothing about how it is scribed, the feat's text does give an exclusionary condition as to when it is a lower level making it such that in every instance in which the spell is not cast within a sanctum it is treated as a spell level lower.

That doesn't change the fact that the feat is a metamagic feat. It simply does not apply when you're not casting or preparing it, making it meaningless outside of those contexts.

(Edit: What Eisfalken said)