I've mentioned this before, but for some reason the following illustration in the AD&D (1e) Rogue's Gallery really got to me-
(Artist: Jeff Dee)
I loved illusionists, and I have played several. A few notes-
1. The dexterity requirement is a killer, but you need to use it to your advantage. Think missile weapons (I threw daggers, because we weren't playing the dumb dart game, and I could also use them in melee if needed given the single proficiency).
2. Review the magic items restrictions- by the letter of the rules, you can use a Ring of Wizardry if you can find it, but the rod/staff/wand restrictions are more severe than you think
3. Your XP tables make no sense. Some levels require less than a MU, some require more. That said, the very good news is that if you get into high level-play (beyond 12) you need a
lot less from that point on than a MU. To hit 19th level, you need 2.22 million XP. A MU needs 3.75 million XP.
4. Finally, your spells are either going to be awesome, or crappy, depending on the DM and campaign. While some of your spells are fairly standard and do not require adjudication, many of your best and most powerful spells that are your bread and butter (and fun) will often depend on how the DM chooses to construe the rules regarding illusions.
So, based on (4), I would make sure to discuss with the DM to make sure that you don't have mismatched expectations. The illusionist can be so much fun to play, but if the DM isn't on-board with creative solutions and illusions, then the other restrictions in the class will turn your experience sour.
In short, the class can either be a powerful and fun alternative to the standard MU, or a terrible, bad, no-fun experience that will make you wish you had taken that high dexterity and chosen a different class.