Yeah, Mystic Adepts don't need every single advantage Adepts get. IMO rather a big mistake to allow them to get PPs just as fast- there'll be no reason to play an Adept instead of a MysAd.
That was my first thought as well, but MysAds can't take the Metamagic PP, right? That would be a clear advantage on the Adept side. As for MysAdept getting PP when they raise Magic with Karma, I am torn. For me the question arises, is Astral Projection (which is undoubtedly cool) good enough of an incentive for Mages not to go MysAdept. However the thing about MysAds is not Pegasus specific.
Adepts getting PP using Karma during char-gen, is good and well in my opinion. It is other things that do not work out here, as has been discussed in this thread an others.
Michael, since we are best buddies now (

no offense, some humor though). What exactly is it about Pegasus and not CGL that is offending you? I mean CGL did not exactly deliver a good product to begin with and I am not referring to the approach the rules are taking (that one I see as mostly positive).