[Striiker]

People are getting it right. Wizards, as with most classes, need someone who is skilled to play them. Yes, you'll sit meditating a lot but you'll also help the group when it counts most (especially when you have clarity on you).
1) Casters. Wizards can take these guys down fast. With knock-back spells, stuns, and massive DD, a wizard can save the group downtime (killing healer mobs or damage type casting mobs quickly).
2) Runners. a Wizard can finish these guys off before they get near their friends.
3) Evacuate. Save your group from a wipe by yanking them all out to a safer place.
4) Teleport. Get your group (and friends) to where they need to go quickly.

I played a wizard to 50 before Kunark came out and I never felt gimped. I did see a lot of complaining from others which led to the mudflation of adding features to Wizards, nerfing abilities, and enhancing other classes to compensate.