Also, this means the wizard isn't the "a spell for every stiuation" guy anymore, that can replace almost all skills and quite a few class features with a quick spell. Nor the "game-shanging spellslinger", that with almost every new spell level changed the complete game experience with access to scry (as we know, now a ritual) or teleport or some other wazoo.
These abilities where in addition to immense firepower mind you.
His problematic abilities couldn't be fixed, because the problem was never their execution, but their inherent nature. They could only be handled in three ways:
1) Accepting that the wizard is just far more influential and flexible than other classes, because he is the frikkin wizard. Which is fine for literature, but not exactly for a game.
2) Significantly reducing the wizards firepower and say he's an "arcane toolbox". Which means he still is problematic, not so fun to play, but at least theoretically balanced.
3) Relegate the problematic abilities to DM control and off screen activities and removing them from the guaranteed capabilities of the wizard. Which in D&D has been slinging fireballs for a very long time.
IMO, the only way they couldn't choose 3) is by saying "But wizards are the masters of the arcane arts!". Which is fine for fantasy literature, but not for a game that is suposed to include other archetypes.