Bauglir said:
There's already an item that provides unlimited Invisibility..
Well it's just ever so slightly more expensive (DMG says 20000 gp, which is still absolutely a bargain price for what it does ), and of course, you can only turn one person "invisible" with it at a time... not the entire group (for app 5 minutes with a caster level 5 "endless wand of invisibility", renewable without breaking invis...), their mounts, animal companions and other stuff etc etc etc.... before every (expected ) encounter, which is a severe advantage in my book....
And of course, ring slots are slightly more limited (and in demand ) on any individual character than a stowable wand. Just my 2 cents, YMMV.
As for the initial "magic missile" wand - a perfectly safe to use, no-drawback, ammo-less, guaranteed-to-hit weapon with an average damage of 10.5 points over a range of 150' ? Will shoot even pesky ghosts, shadows and other incorporeal nastiness as precisely as any cororeal target on every single attack ? hmmm, I for one can see every player (well - except the fighter types...) wanting to have one, except when trying to get them from adequately CRed opposition actually using them on the PCs beforehand....