You're a fantastic soloer until about 54/55 (provided you can find sow, know where to go, etc).
But you're damn useless unless you're in an AoE group (I forgot that one) or raid. You have lower sustained dps in a traditional group than any other class and have less traditional group utility than any other class.
No. This needs a lot of qualification. Wizards have the best damage per 2 minutes/minute. Basically at the end of the fight - albeit a critical stage when you're dealing with certain raid targets - you dump your mana with nukes. Yeah, you're doing more damage for that minute or two than rogues. But definitely not best "raid dps".
You're also garbage at farming stuff for the most part. You can quad seafuries (if open) for good cash, but if you want to farm stuff in a dungeon setting you're not well equipped. Beating heavy hitting, fairly resistant mobs who will resist a couple roots simply isn't nearly as easy as it is for pet classes.