Having played D&D since the late 70's, I always considered the versatility as the strongest part of the Wizard. I agree with Rhavin that the universalist should not be a metamagic caster and would like to see some different abilities granted that would add to the flavar of a generalist. Such as the reduced time making magic items.
Some Ideas
Ability to copy spells into spellbooks at no cost.
Reduced cost to research spells.
Ability to duplicate a spell somone else just cast.
Recover one spell previously cast upto one level below the max he can cast.
As for additional spells that he can cast 1/d, they should be unspecific but limited to utility spells. (Floating Disc, Tiny Hut) The wizard choosing the spell at time he gains ability.