You as wizard can easily kill anyone, except priests. On certain way this game was designed to some class got advantages over other, like a neverending circle. Priest > Wiz Warrior > Priest Wiz > Warrior Archer and Thief dealing high dmg killing Priests/Wiz/Warriors but dieing easy also.
Somehow with all D4-D5, Full rares, this changed. Now Wiz can be really geng killing everyone with random BLs, only care about Priests. And warriors almost unkilleables.
So hard to balance things if you nerf damage, those where increased to help a bit because hitting under 3k on high ac characters (almost everyone) sux.
I believe going D5 will give a real idea about how balance is.