This card really is the Bandolier of spells. Great if you're running a spell-heavy deck, but this is not necessarily a good thing, because Bandolier itself has some issues in regards to its playability; issues that are not unlike other cards that can hold slots such as Daisy's Tote Bag or Leo's Mitch Brown. These cards do nothing by themselves, but rather enable more space for other cards. The issue is when you draw all those cards.
Draw Sign Magick too early without filling out your spells slots and it's effectively a waste of 3 resources. Draw Sign Magick too late in the scenario and you'll find it hard to justify paying the cost to open up AND fill the additional arcane slot. This timing pressure makes it hard to really value Sign Magick in all situations.
The good thing about Sign Magick as compared to the 'additional slot' cards is that it is fast. This really helps to offset the pressure that comes from playing it. Additionally, the 3 cost of this ritual plays very nicely with Uncage the Soul by choosing to pay the action to play it in exchange for the resource cost. That's some great flexibility in how you pay for these things.