I don't think I'm understanding what you mean. In order to use waterbreathing, a 4e wizard most definitely must think ahead, not on his feet. Nothing's been moved from prep to play. The only difference between 3e and 4e waterbreathing prep-wise is the memorization of the spell for the day (which can be completely removed if a scroll is available) and that's come at the loss of never being able to use waterbreathing in under 10 minute's time (5 I think with a scroll).
joe b.
Yes, but from my point of view in 4e it could easily be the fighter that has the ritual not the Wizard. 4e has moved the tool box from being the spell casters monopoly to belonging to any PC that wants it.
Now instead of the Wizard having a huge box of power tools. The entire party has an option to having a tool box of hand tools. There is no reduction in the ability to accomplish a task, just the removal of the Wizards 100 in 1 tool that is better then rest of the party bone knifes and bear skins.
In 1e and 2e it was a well know fact that wizards could and did become over powerful. That there where many spells that destroyed the game. Just think back on all of the how to nerf this spell threads there use to be.