So we have to ask ourselves, how likely are we to need a reroll, how many rerolls do we need, and then, how much does this increase our damage output. I'm going to use a d6 for my examples, because, frankly, it's the most common spell die and the one you're most likely to be concerned about. Similar analysis can be done for higher dice values, although the result will be the same, the damage boost from ES is minimal.
First, the easy part, and the part that will make this whole thing tick. When is it a good idea to reroll. Obviously, rerolling a one is a good deal, you can't make a roll worse by rerolling it. The expected outcome of rerolling a d6 one once is
$$ \dfrac{5}{6} \times \dfrac{2 + 3 + 4 + 5 + 6}{5} + \dfrac{1}{6} \times 3.5 = 3.91 $$
So we definitely want to reroll 1s when we get them. Now is rerolling 2s a good idea?
$$ \dfrac{4}{6} \times \dfrac{3+4+5+6}{4} + \dfrac{2}{6} \times 3.5 = 4.16 $$
So we do even better when we reroll 1s and 2s. Let's check out 3s.
$$ \dfrac{3}{6} \times \dfrac{4+5+6}{3} + \dfrac{3}{6} \times 3.5 = 4.25 $$
This is obviously high risk, but it does lead to better outcomes on average. You should reroll 1s,2s and 3s if you can. Rerolling 4s gives:
$$ \dfrac{2}{6} \times \dfrac{5+6}{2} + \dfrac{4}{6} \times 3.5 = 4.16 $$
And rerolling 5s gives
$$ \dfrac{1}{6} * 6 + \dfrac{5}{6} * 3.5 = 3.92 $$
This means it's basically always better to take the reroll on average even on a 5 because the second chance at a 6 is pretty strong. However, the strongest roll is to reroll 1s, 2s and 3s. So we're going to stick with that as it represents a relatively conservative take on this. We will use 4.25 as the value of a rerolled die.
You get to reroll a number of dice equal to your charisma modifier, probably +3 for a low level sorcy, and up to 5. I'm going to use 4 in this example because I want an even number (and hell, it represents an average of 3, 4 and 5).
So if you use a power that rolls 4 or fewer dice, you gain an average of .75 per die of damage rolled when you invoke this and reroll 1s, 2s and 3s. Thus you can treat all the dice in that power as 4.25 when you calculate damage averages. So ultimately, on a power with four damage dice (The maximum in this scenario), Empowered spell will provide 3 extra damage on average (14 -> 17, about 20% more).
What about spells with more damage dice though?
Well, what we need to know is how many dice do we have to roll before we're using all of our rerolls on dice 1-3 (and then 1-2 and then just 1s). The reroll becomes less impactful as you roll more dice, but where is the sweet spot?
For a damage roll of more dice, we need to know how many dice are going to get rerolled. We're going to work two more expressions, and figure out what our average damage is.
The first thing we'll figure out is Fireball, the damage here is 8d6. There is a 64% chance that we'll get to reroll all of the 1-3 we roll, and a 91% chance we'll get to reroll all the 1s and 2s we roll (and a basically 100% chance we'll get to reroll all the 1s). Let's see what happens when we reroll the 1-3 dice. The four reroll dice are counted as we calculated the reroll dice above. The remaining dice are most likely to show 4,5 and 6. It's worth calculating the fifth dice, but the rest of the series converges to 5 and so we'll use that after that (the 6th die counds as 4.9, so we'll take 5 there).
$$ 4 \times 4.25 + .6367 \times 5 + .3643 \times 2 + 5 \times 3 = 35.91 $$
This is nearly and 8 point increase over normal damage and nearly 30% more.
Meteor Swarm on the other hand rolls 20d6 (and does so 4 times, I'm honestly not sure how that quite works, not sure if it's all 1 damage roll, or 4 seperate, would have to read into it a bit more, if this is 4 rerolls in 80d6, that makes it pointless, we'll use 20 here as a reasonable test of the scaling here), truthfully the odds of rolling even 4 1s is strong enough that we're going to consider that most likely that's all you'll get to reroll (this also serves to limit the series we calculate, which is mostly in the interst of time, running this calc for 1s and 2s should be something you do before making a final decision, but truthfully, its probably only marginally better than rerolling 1s since you're pretty likely to see 4 1s in a set of 20d6).
$$ 3.91 \times 4 + 1 \times .8982 \times 4 + 1 \times .1018 + 4 \times 15 = 79.33 $$
Which is a bit above 10% for increase on the normal damage for this power.
So the moral of the story here is that it's a solid increase until you hit L9 spells.