[MENTION=12731]CapnZapp[/MENTION] is right when says the most effective use of the wand is giving it to the character who's got nothing like a lightning bolt..
It's definitely the most effective, but it also takes away from those characters who can cast it. Those spells are so iconic to those classes that it does kind of make people who take those spells ask themselves "Why bother". I'm always a fan of giving it to those who can already cast it as it's, in my opinion, stepping on toes in a lot of cases. For sorcerers or bards who steal it, it's a huge investment to get it., and for any who can casting it is using precious 3rd level spell slots.
This is one of those cases where I feel RP and not stepping on toes outweighs effectiveness, but can't argue that it isn't effective to have 2 people back to back casting lightning bolt/fireball.