I kindly disagree
irdeggman said:
Magic missile is the single most useful offensive spell at lower levels (and most others for that matter) for the simple reason that it never misses and can target multiple opponents.
Well before level 3 you cannot target multiple opponents. The fact that it never misses is definitely its best feature (later you may find SR, but it's quite uncommon for opponents at this level), but you do only 2-5 damage. A normal light crossbow does 1-8 which is better, and at this level you have typically 5%-10% less chance to hit with it than a fighter. It takes time to reload and you can miss yes, but you don't need to spend a spell to do it, IMO at 1st level there are so many other ways to better use that slot!
irdeggman said:
Using it on a foe when he is engaged with an ally provides a tremendous amount of assistance, while sleep and color spray puts the wizard in more immediate danger (line of effect for spray) and area of effect for sleep (don't catch allies).
IMHO again, it's not "a tremendous assistance". Of course it's a help, but it's equivalent to less than a single successful attack by anyone else. A sleep or color spray, although they may fail to beat ST, grant a much better combat benefit, and since you can target more creatures on average you can expect at least one success. Even Burning Hands can deal more average damage at level 1.
irdeggman said:
I can't even list the number of times that a fighter character of mine was aided by a wizard casting magic missile (the only spell effective at the time).
I can: zero, but that's because at level 1 you aren't going to prepare more than 3 magic missile

and those few slots are precious; and if you are going to prepare it only once, I think it's best not to prepare it at all. OTOH the spell is more useful for a Sorcerer because of the different spellcasting.
I think the spell would be more versatile therefore useful at this 1st level if it allowed to target objects. In that case, you could do much more than just a little damage, you could use it to cut a rope (whatever it held), destroy a handle, jam a lock, sunder a weapon, break a potion or something similar, but eventually once you get more missiles per spell it would become pretty broken.