There are some pretty informative threads about this:
http://www.project1999.org/forums/sh...=velious+class
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Wizard: The Good - Lure spells are introduced to help you combat the insane MR of raid targets in Velious. Wizards maintain their specialty role of burning targets at 30% or so, being unmatched in DPS those last percentages of a raid mobs health. I recall Wizards being the raid heroes during some of the Velious era boss fights because of their ability to pull off a last second burnout to kill the raid mob with 8-10 people still standing. In a group setting, Ice Spear of Solist is simply amazing due to it's mana/damage ratio. Wizards, in my opinion, gain a great deal of grouping utility in Velious due to obtaining this one spell. You get translocate spells! Prepare to be bombarded with tells for people asking to be translocated. Also be prepared to pocket the tip money too! No more zoning over with your compatriots to bring them to the zones of their desire. Simply point at them and POOF, off they go.
The Bad - Outside of lure spells, Wizards are hit extremely hard in Velious. Get used to the fact (if you're not already) that a large percentage of your nukes will be resisted, in most cases, outright resisted. Also be prepared to spend an additional 5 minutes medding (on top of the 15 minutes already) to reach a full mana bar from OOM. With the newly introduced caster equipment, your mana pool should be huge and thus your time spent sitting will be even more huge, to compensate!
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and
http://www.project1999.org/forums/sh...=velious+class
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Melee still out-shines them, raid mobs get so many HP that you can't burn them down, and there isn't enough flowing thought gear in the game until Luclin/PoP for a wizard to really be able to provide sustained damage throughout the entire fight.
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Ultimately the class will have the same shortcomings it does currently. Great raid mob dps tho!
Sure you can quad kite and blast down a mob, but in terms of meaningful solo power you can't take any of the really tough camps or mobs that the real solo classes can.