It just makes everything look like something out of looney toons or something. I dunno, it's always bothered me slightly that something that powerful is a first level spell.
The other side of this, is that the spell essentially summons, at range, a common item, for a short duration [a round a level IIRC]. Maybe my players have just seen to many home alone movies, but sometimes they actually buy / steal said common item, having it appear temporarily doesn't seem that gamebreaking to me, its just what they do with it.
My biggest problem is that in DnD you must make a DC15 balance [which can't be used untrained] skill check to do ANYTHING while on the grease - You can't fire from the floor, or use an enemy / object to push yourself out of its range, you can't use your cell phone.
I don't see a problem with the idea of the spell, as much as I do its implementation.
I agree with every said here about sleep. Its a save vs death first level spell.