I'll probably stick with 3.5 + Tome upgrades, simply because I know I can trust stuff by Frank & K (for one thing, they actually show the math behind it rather than saying "Trust me, my name is on the front cover.") and their stuff is plain awesome. Fantastic flavour, ways of explaining the weird things that exist, actual balance, and things are generally awesome all the time.
I *have* heard that Jason is more interested in adding flavour to the Sorcerer than actually making it comparable to the other full casters (or for that matter, changing more glaring problems - the monk is still a joke). But if there's an actual improvement to abilities thrown in as well, I won't complain. Is there an option for "No, I'm not the descendant of a dragon or whatever. I am just that damn good." or does every Sorcerer have to have "Mummy fucked a (strange creature)" in order to get their special powers?
While it's all well and good to say "they want their favourite wizard to not get a nerf", the fact of it is that the best point of balance is this: can it contribute meaningfully, and survive most of the time, in a level-appropriate encounter? This means that MONSTERS are the way you balance the classes. And that means that, at levels higher than 5, you look at the Wizard, Cleric and Druid, assume they won't use the particularly abusive abilities (just change those individual tricks), and fix everyone else to compete at their level.
Yes. That means that at high levels, Wildshape and friends need to be changed to a decent buff that doesn't win the game (sounds like they did just that), Gate shouldn't be used to call in creatures you couldn't reliably defeat as a party (ie "CR higher than the party level"), but most of all, the fighter and friends need to be doing as much as the wizard is. Not the other way round. To those who have a hard-on for Tolkien's crap: only play level 1-5 games. Done. Above that, fighters are: the Iliad, THIS IS SPARTA!, Beowulf, Romance of the Three Kingdoms, Hercules, and (as much as I hate to reference it) Dragonball. They are not "Derp de derp derp, I stand and hit with sword."
Now, I've never believed that Wizards can do everyone else's job, but they are able to cover all bases, given planning. In reality, everyone should be able to cover all bases in a pinch - just not being as good at those things as their specialty. As for what they can do:
Traps: summon monster, tell monster to wander in front of the party all the time. Or Dispel magical traps.
Searching: if it's magical (including any trap with a DC over 20), Detect Magic will basically find it. If not, they can't find it, and that's okay.
Any time-is-not-of-the-essence scenario, including out-of-battle healing: Planar Binding. Seriously, they can summon Outsiders with Raise Dead as a (Sp).
Combat: Damage is for chumps. First level they bust out Sleep, Grease and Colour Spray (save-or-lose spells). From then on, it's Charm Person/Monster (combat over), Hold Person/Monster (Hold = coup de grace), Dominate Person/Monster (combat over + a free cohort! This is an example of a spell that needs to be dropped),
Finger of Death, Forcecage (look, Ma, no save!), Wail of the Banshee, Power Word: Kill... I crossed out the ones that presumably don't exist any more in Pathfinder.
They can also bring Wall spells up, so as to tell the monsters "You stay there/go here." Combine it with Evard's Black Tentacles of Forced Penetration and/or Acid Fog, and they have done a better job than any "tank" ever will.
Also, they can fly, turn invisible, and see invisible things. They can also say "Who cares about my AC? You have an automatic 50% miss chance if you hit, and/or have to roll to see which of the five of me you actually target. Four of them are illusions, though."
And really? That's okay. That's the kind of stuff everyone should be doing (in their own manner). So if the Wizard can indeed still do those, that's okay. It's seriously better than 4E with its "Lol, no-one can do anything now! Look! 2 [W] + Strength plus you KNOCK THEM BACK FIVE SQUARES!", but the question that has to be asked is "Why can't everyone else do the equivalent of those things?"
Far Eyes: lose two caster levels? The Rainbow Servant gives +1 caster level at every level. Sure, the CHART shows that you lose two caster levels, but the text (under "spellcasting") says "at every level you gain..." WotC pointed out that when two sources disagree, you go with the text, not the chart. So your Warmage/Beguiler ends up being able to spontaneously cast their entire list, plus the entire Cleric list, plus those domains.