My thoughts on this are divided.
I can totally see the argument that a well made wizard, with a reasonable notion of what to expect (or a sorceror who's made wise spell picks) tends to step on toes a lot. They do more damage than warriors...and with defensive spells can be surprisingly durable as well. They can potentially sneak better than rogues, provide the party with food and shelter better than a ranger, control the minds of monsters to gain access to their knowledge and power...or just become one themselves. A smart player can do a LOT with a wizard or sorceror, potentially.
The key word is 'potentially.' A lot of the problems I've seen involving wizards come as much from how games are played as from the mechanics of the classes. Allowing easy and consequence-free rest and refreshes, for example. Giving players telegraphs as to what to expect, allowing them to cherry pick the perfect spells/scrolls/wands to cover it. Not using mechanics meant to limit spellcasting's effectiveness, like interrupt attacks or counterspells. Golems and other magic-resistant threats. Exploiting periods of memorization and unrest, where a caster's full spell alotment isn't available.
I don't say this as a criticism of how people play though. Using these mechanics a lot is frustrating for players and often feels punitive. It also adds complexity to encounters that are often already pretty complex. There is considerable incentive to ignore them for ease of play, and for many of the same reasons why few GMs use things like Sunder or Disarm on a fighter's weapons. It's frustrating to be 'shut down' in a fight, and most GMs don't want to frustrate their players...it's fun to be challenged, but frustration is something else.
4rth Edition's solution was to try to equalize the field a bit...making powers of equal level be (roughly) balanced regardless of class. The degree to which they accomplished that is debatable...and Rituals can still lead to some of the same problems in the hands of a determined and clever player...but I think they did succeed at least nominally in reversing the notion that "Sucking is the price low level wizards pay for dominating everything later on," which was essentially the philosophy that ruled D&D in its previous editions.