A level 60 wizard in Velious with
http://wiki.project1999.com/Hsagra%27s_Wrath and
http://wiki.project1999.com/Porlos%27_Fury finally gives them a notable edge over all other classes in terms of raid dps. They can easily do 20,000+ damage per raid target assuming the dragons or giants are not immune.
Outside of raid targets, ports to Sky and Hate, and AE groups they are at the bottom of the list in most aspects.