The bottom line is, wizards and sorcerers get the short end of the stick in so many areas--hit dice, skill points, BAB, armor class, supplemantary class features, et al--that in order to be a compelling character choice they warrant a major asset to call their own, namely nuking. Warriors have staying power, mages have firepower. That's always struck an easy balance. Now, if their role is rewritten so that they're not the primary damage dealer, but rather relegated to serve as "miscallaneous utility provider", then bump all of the aforementioned up and let them wield some martial weapons so that they'll have some staying power in combat. But that isn't the case.
I'll also point out (again), that a warblade that has a +100 damage attack also probably access to flight and anti-invisibility items. Most spells can be duped with wondrous items. Some items help compensate for low HP or low AC, but they don't come close to briding the gap.