Yes it sucks. No save, split damage types in no way comes close to compensating for its weak damage. Yeah, yeah look out there are people with evasion. But frankly if 'm facing anything with evasion, and I have to count on a pathetic 5d6 damage to bail me out, just give me a sword to throw my self on cause I'm dead anyway.
Anyways with the increased HP in 3d edition most big bang spells suck anyways. You have to really work your character towrds that line for it to be moderatley effective. It's depressing because i'm not fond of them but the save or else spells just really rule the roost. Giving a group a papercut is useful now and then, but as a geneal rule you want to focus your energies and take out a target in the group quickly so the number of things flying back at you is diminished. Now in the DD category AoE spells usually do the same damage or clsoe to it as single target spells, so you minds as well throw the fireballs, but the holds, charms, dominates, polymorphs of the world are just much better. (and yeah if you face a group of ordinary orcs a fireball can be fun for the quick cleanup, but if there playing smart they wont be bunched up, and if ther pllaying dumb the fighter will mow them down in a couple rounds anyways)