I never thought I'd say this, but I won't be overexcited if the drag Magic Missile out back and put it out of it's misery.
It's got a dumb name, I've never been able to visualize it properly, and whilst I DO think that Wizards should have at least a handful of "autohit" spells, and spells that do unusual damage types (i.e. not elemental or holy/evil-type damage, but "arcane" damage), I don't like this particular one.
I think an "arcane" attack (hopefully not from a bloody wand) would be a good thing for Wizards to cast almost "at will" (if it's absolutely "at will", it'll get abused and break game worlds, imho), with low damage, and a to-hit roll. That could replace the "functionality" of Magic Missile with a much more useful and interesting thing.