Being a wizard was much like being a rogue, but even more so.
A rogue believed in using the system, in any ruthless way possible, to obtain her ends.
A wizard believed in using that system and exploiting it, and ultimately altering the system itself, and exploiting the altered system, in order to achieve her ends.
This is the antithesis of balance in a wargaming sense (in such games as RISK, Axis and Allies, or Star Fleet Battles.) But it was a core principle of the wizard.
Here are examples.
If the wizard was alone in the world, convincing a fighter to accompany her and act as bodyguard, while she protected him, and they both mutually benefitted, was a good case of working within the system. (And both characters benefited.)
If the wizard could use the protection of the fighter to throw a Fireball, which destroyed the enemy, and this was possible because he was protecting her from that enemy, it was a classic case of using the system, working within the system to win. And very commonly done.
If the wizard threw the Fly spell upon herself and her fighter friend, this was a low level case of altering the system. The chasm in front of them, previously impassable, was now easy to cross. Reality was altered.
Flight made possible aerial combat, whereas in most cases the foe was still grounded, and it conveyed a tremendous advantage if the fighter was an expert bowman and skilled at aerial combat. This also was an example of altering the system, and taking advantage of the new reality. And this was reasonably common as well (and many monsters, of course, used this tactic.)
Now, with Protection from Normal Weapons (2nd level, FOR4 Red Wizards of Thay) the wizard could alter reality in a major way, enabling her fighter friend to overturn major combat realities.
Add in Protection from Magical Weapons (3rd level, FOR4 Dreams of the Red Wizards) and the fighter was now living in a whole new world.
Add in Stoneskin, and the fighter was in a completely different reality. His altered reality translated into an altered, favored reality for the wizard.
Even the 1st level Regenerate spell (Polyhedron #18, I believe) overturned the fundamental realities of the game.
We all know about Hold Person. A good way to end a combat before it started, for the other side, or for the party. Nothing like being TPKed on round 1, because the enemy wizard (or cleric) won initiative (your saves were lousy at low levels, so failed saves were likely.)
At 12th level, to make a long story short, the wizard killed you. Period. No appeal if she successfully hit.
Why? Chromatic Orb. Autokill. (If we are talking about a fighter/wizard, she would have a really good THAC0 for purposes of hitting you with the thing, too.)
Not that a clever wizard wouldn't find Autokill spells a lot sooner than 12th level. Call it an Arms Race: Who can find the Autokill spell first? The answer? The wizards of Waterdeep, with their 2nd level Gemidans' Paralytic Missile.
Autokill spells overthrew reality and replaced it with one out of the Wild West: the first person to draw and fire, won.
Now, add in Haste.

Bonus to initiative, each and every round in the old versions. Combine that with Improved Initiative (they stacked in 3.0) and anything else you could find (like Displacement) to ensure you got to fire first.
Ok, so you are now saying: these are all ways used to overthrow game balance, and they nerfed those in 3.5, and eliminated them since.
But, remember that - in the case of the wizard - this kind of play was necessary. Not just encouraged, but necessary. It was a fundamental mindset of the class.
No wizard who thought within the system, stood much of a chance. How could she, if the DM threw more than one combat at the party per day? After that first combat, the party was exhausted, low on spells and hit points (thus, the 15 minute day everyone is talking so much about ...)
I have repeatedly pointed out that in books of fantasy and films, there is no such thing as a 15 minute day (unless it is a climatic showdown that ends the scenario.) The enemy doesn't rest because the party is exhausted. And there are plenty of monsters fresh and at full spells and hit points, ready to come to kill the weakened party.
In a scenario like that, thinking outside of the box is the only means of survival. Consider the wizard, with few hit points and few spells to start with, running out very quick, very subject to this effect. She MUST think outside of the box if she is to survive, and to aid her friends in survival.
She must change the reality as much as possible, create the most favorable reality for her side, in addition to manipulating events within the present reality.
Now, one can always go with the 15 minute day. Or not throw adversary at the party while they are weakened. Or, perhaps, find ways to enable the party to get back on their feet quickly.
But if the party is under continuous assault, they will wither under it unless someone figures out how to modify the system in the party's favor.
In short, wizards must cheat (metaphorically, not literally.) They cheat, and by cheating they win. If they don't cheat, they die. And their friends die. Or, that is how it would be, in any scenario where the enemy assault was continuous, and no recourse existed for altering the reality of the situation (even a simple Rope Trick does wonders, to alleviate party problems ...)
That is how it was, and that is how it will still be, in 4E or any other rp game and regardless of other considerations. If you throw enough firepower at the party, period, they will be beaten, given a fixed reality and linear situation.
Only by altering the system can a party with limited resources beat a vastly superior force. And that requires cleverness, luck, ruthlessness, and resources - the kind of resources one would find in magic.
The good wizard says: cheaters sometimes win. So, how can I cheat?
(Another analogy is the game of Knightmare Chess. Ever hear of it? Regular chess, but you hold a hand of cards, and you can alter the rules and thus reality of the game by playing those cards. There can be 2 kings on your side at once. Your king can get out of checkmate free. Your king can even (grimaces, for it happened to me) change sides (in which case you lose unless you have a second king.) As for queens? ... there are cards that rotate the board. Rotate it twice, and you might just have 4 or 5 white queens and 4 or 5 black queens at once running around.)
If Knightmare Chess is a game In Real Life, a metaphorical equivalent is the wizard's life In Game. She must play Knightmare Chess, has played Knightmare Chess, all her life.