Magic and tech are both still incredibly powerful, if you know what you're doing.
As far as Health spells and only taking command triggers, the simple answer is Balance. Because anyone being able to snap off Heal spells (by a Contact trigger, for instance) has major balance issues.
Personally, I like the way Alchemy shakes out. But you definitely have to go in with the proper mindset, and not all character types benefit equally from Alchemy. A combat mage would find alchemy utterly unhelpful in most cases, but an occult investigator, social-focused mystic adept, stealth-focused mages, and the like would probably get better utility out of Alchemy than normal spells, especially if they don't rely on spells for their offense. But you have to THINK and PLAN to use alchemy, which gives warm fuzzies to those of us who come from a D&D background, and loved playing our Wizards.