I'm pretty sure this is more of an inevitable issue as the game advances. Currently, the maximum number of pip slots a person can have is 7. This leads to anywhere between 7 and 14 pips available for spells in the school of focus of the player. But there's still secondary and third schools out there that have up to 6 pip spells available so far. I still, however, experience some drawbacks with the limits. On my Necromancer, I've fizzled a wraith once or twice and ended up reaching the pip limit before it was finally cast. However, when I reached the limit, I only had 1 power pip and was left with 2 regular pips after the spell was cast. I should have had more, but due to the limit, had pips essentially wasted that would have allowed me to cast another powerful spell.
Another feature with the pip limits that is a little disheartening to some players is that you will "repeat" your last pip earned. The sound and text for the power pip get pretty annoying after awhile, especially when you aren't really getting them. What's worse is that when you get maxed out with very few power pips and have a good chance at getting them, those turns where you don't get your pips could be costing you a lot more.
If you don't want to increase the limit, could there be a reserve? Perhaps regular pips after the limit is reached could change into power pips, still allowing you to get some of the pips you SHOULD be earning when the limit is reached.
I know it's frustrating enough to fizzle multiple times in a row, what's worse is knowing that it's causing you to lose out on pips. Is there anything that can/will/might be done?
As you get to higher levels one skill you can work on is managing your pip pool so it holds as many power pips as possible. You've given a great description of the problem when white pips keep you from getting more yellow pips.
Some solutions: 1. Use an odd-pip spell of your main school to remove a white pip and make room for a yellow. 2. Use low- or medium-pip spells from other schools to cleanse your pip pool of white pips. I often carry a couple of ghouls or one-pip spells in my sideboard for this. Sometimes they can do double duty by removing a weakness or shield that you would otherwise have used a wand for. 3. Heal yourself earlier than you otherwise would, or heal a team member, to use up white pips without wasting them (unless of yourse you are Life school). 4. Cast an elemental or spirit blade or trap (the ones from Niles the balance tree) even if you are not sure it will get used. 5. If you have so many white pips that you're willing to give up your current yellow ones to flush them, use a per-pip spell even if it is inefficient. Sometimes my ice wizard will put on ice armor she doesn't really need just to flush the white pips and prolong the fight while she collects more yellow ones for back-to-back attacks.
I use a lot of 0 pip cost spells to boost my attacks, all of which are 100% accuracy, so I get pips quick. Sometimes, I end up with a full pip bar before I make my attack. I don't like having to waste mana on using multiple attack spells to take out an opponent that I could beat with one boosted attack, but it seems like that's what I would have to do to avoid losing out on pips. In a game based on strategy, it seems kind of weird that you kind of get ripped off if you use certain effective tactics.