Psi points are more meant for boss fight I believe. Right now, as a Warlock/mage, i have enough instant casts that i can kill just about any mob (at a reasonable level) in just one rotation. Simply put, I use Weakening Weave Curse, Perception Extraction, Warp Charge, Surge of Malice, Fireball, and Lightning, and that is normally enough to kill mobs even a couple levels higher than me. (Now consider this, my Warlock is just level 21-22, and I'm wearing level 10 gear :/)
Basically, I never worry about trying to build Psi points when fighting mobs, now when I get to boss fights, yeah, I'm going to worry about building psi points to unleash combos. On the other hand, I'm also going to be worrying about ripping aggro off my tanks, as the warlock puts out a lot of damage fast, so you have to be careful.