It isn't dubious. I consistenty achieve this in my 3E games. And it doesn't take that much time. But 3E is a different beast than 4E. Magic aside, the game requires system mastery to DM. Magic is actually the easiest thing in my view to reign in in 3E. The greater danger is the many non-caster/quasi caster builds out there that break the system. Or the prestige classes and feats that to ungodly things when paired with the right magic item. The system isn't as contained as 4E (though if you just stick to core and avoid splat, this is less of a problem). I learned the hard way with 3E that the DM has to know all the rules, or he won't know what is broken and what isn't.
Also there is a much easier fix to this whole problem if you still want to play 3E, but don't want the headache I presented. Mournblade mentioned spell interuption. Bring that back into the game. Don't allow concentration checks when a wizard is hit mid spell. This is a minor change that can balance things out some more, if you find the concentration checks are too easy to pass.
4E starts out with the premise that everybody should have interesting things to do and builds the entire system around that. Making magic feel special is regulated to the secondary goal rather than a primary precept. If a DM puts the same effort into making magic feel special that he did into making sure that magic didn't overpower encounters in 3E, it ought to feel pretty darn special.
I didn't use the word special for magic, I used the word wonderous. And wizard powers in 4E, don't achieve the wonder I am after in my games. 4E does do what it sets out to though. Everyone can always do something interesting, and that is a great achievement in design. It just doesn't produce the game I want to play (mostly because I am not into the powers, and the magic thing). But if you like it, go nuts. Play it and have a ball. Just doesn't appeal to me; as 3E doesn't appeal to you.
It goes back into something said in the article. Third edition was/is such an awesome system that many players and DMs accepted the more troublesome parts of it as "just the way things are'. Magic gets to break the rules of the game system because that's just the way things are because magic is special, and we use the excellent tools that third edition provides to get around that problem. But why should we have to?
You don't have to. If you don't like magic that way, play another game. Some people actually like using the tools 3E offers. Its a toolbox system. I like the magic in 3E. It is cool, it is a great plot device for GMs, and it adds a sense of wonder and suprise that really makes me enjoy the game. Sure wizards are more powerful at higher levels. I accept that. If that creates problems, though, there are ways to manage it.