I've searched the forums and I could not find any thread answering my specific question about this ability.
Since Wild Arcana is listed as a supernatural ability (Su), does this mean it reduces the casting time of the spell to a standard action, since most supernatural abilities are standard actions themselves? Another words, you use Wild Arcana to cast a summon monster spell, and it is no longer a full round to cast.
As well, does it negate the use of spell components as a supernatural abilities, much like spell-like abilities?
Any help would be appreciated.