I don't really get the point of resurrecting the Magic Missile sacred cow.
Why not? Magic missile has fallen pretty far behind in terms of how good it is these days and it doesn't really compare to other wizard at-wills. It's now a different choice that has a role, albeit a niche role I will give you, within the general wizard at-wills.
I still wouldn't take it over chilling cloud, phantom bolt and such forth though. But I might have it as a third at-will or if I needed auto-damage for something.