I really think you underestimate the Enchantment Wizard. Hypnotic Gaze is amazingly strong as an 'at-will' lock down. It is effectively a one round stun. Yes, you have to put yourself at risk, but my enchantment wizard used it in almost every combat, sometimes multiple times. At low levels it is off the chart effective when you have so few spell slots.
The 6th level ability is useful, but not overwhelmingly so. The 10th level Twinning is ridiculously good do often. As you note, the 'capstone' ability is a bit late and a bit weak (I'd rather they gave it at 6 and then had a more dramatic high level ability), but just on the merits of an 'at-will' lock down at level 2, it is a contender for the most effective wizard subclass.
Also, Enemies Abound has proven quite often to be ridiculously overpowered. If you have a low intelligence central enemy in a combat, it is often a one spell win for the PCs.