Limper:
On some points I'd have to agree with you; obviously the whole power scaling thing is a big issue-
eg, Fireball vs. Whitefire (by the book):
Fireball: minimum level is either a 5th level Wizard or a 6th level Sorcerer, base of either 5d6 or 6d6, cap of 10d6. That's 5-30, 6-36 and 10-60 points of damage respectively.
Whitefire: minimum level is either a 6th level shaper or a 7th level non-shaper psion. Base of 5d4 (5-20) damage and it don't change. Plus it eats up a precious slot, IIRC sorcerers ultimately get more slots for each spell level.
Sure, the shaper might be able to use it a few more times per day than a sorcerer, but the damage tradeoff is just not worth it.
As far as I can tell, Fireball and Whitefire are virtually identical except for the damage done.
I'm sure this argument has been beaten into the ground by now, and I'm also sure that most DMs have wizened up enough not to use Psionics by the book these days anyway... ;-)
Conversely, I'd have to say that the psychic warrior is grossly overpowered, especially with 1hr/level powers, the sheer number of feats that they get and the fact that they can get Mind Blast. That was my concern, though not illustrated in my initial post. Okay, so up until this paragraph this post didn't illustrate it either, but I thought I'd gripe a bit.