Of course, you know, there has to be a market for all these reams and reams of items you're making every day..... Really, how many suits of banded mail or whatnot is the city guard willing to purchase? How much cash do they really have to spend on it anyway?
Even if you wait until 11th level when you can Teleport from city to city, there's only so much you can sell before there's no more market for whatever item you're producing. So maybe one wizard every few decades will get rich that way, until the market is saturated and won't buy any more. (even if the items are Everburning Torches, there's still only a limited market for the items; you can't count the people who can't even afford the items, anyway)
And, of course, you need the raw materials before Fabricate-ing. You can't just produce a few metric tons of goods out of thin air, you need to get the materials from other folks. And that'll mean those materials aren't going to the normal craftsmen that would otherwise be working with them. Putting a lot of normal folks out of jobs. They might sabotage the items you flooded the market with, since they're items those normal folks would've been producing to make their living. Or something else. If the wizard starts deforesting areas to Fabricate some real estate or whatnot, he might find the druidic council springing out of the trees at him all of a sudden, Flame Striking the bejeezus out of him.
Wall of Iron and Wall of Stone are still an issue, though..... I still have no idea why the heck they're Instantaneous rather than just 1 day/level or 1 hour/level in duration.
