Adamant's Artificer - H4Xploitation class?

[Malignor]

I'm planning on running a PF game (my own setting, though) and a prospective player approached with the idea of playing an Artificer. At first glance I said it looked okay, then I started reading closer.

I don't like it. But tell me if I'm wrong in my reasoning.

The skill mechanics around it are arbitrary... 5 skill ranks per level is weird... is this a skill monkey (6\8) or not (2\4)?! Yet also has Jack of all Trades, as if this is a skill based class.

The spell mechanics are lazily thought out. Am I reading this wrong or does an Artificer just know every level 1-4 spell on every spell list? If so, it becomes a "farm for H4X" class, catering to obscure combinations to grab power under the false pretense of sandbox creativity. Plus being able to cast multiple spells at once allows the effective use of Quicken Spell super early in the game.

The way items can be quickly made (36 hours for a 9-level spell item) and then shared among the party (DC 15 UMD = anyone can use it... but only reliably/easily a few times a day, like that's some kind of restriction). It's good for teamwork, but then you mix it with the spells thing above... The class effectively drops a steamer on the face of all the item creation feats that make daily use or single use items.

Effectively, I look at this class and it seems to blow open the doors of exploitation. I, myself, could use this class to become "I win".
For some examples, off the top of my head...

True Trike + Spectral Hand + Vampiric Touch on one item = a range touch attack at +20, ignores any miss chance and steals HP.

Make a scabbard that casts Divine Power, Haste and Holy Sword, giving a +5 holy weapon with Magic Circle vs. Evil, plus the big bonuses of Divine Power and Haste. Hand that scabbard to a fighter and it makes 3.5 Polymorph cheese look like a cantrip.

The concept of an Artificer is great, but the class itself seems lazily made and caters too much to exploitation.

Am I reading the class wrong? Missing a crucial limitation?

[Cheapy]

Yep. It's been established that way.

There are many awesome homebrew versions though.