I have 4 arcanes, 3 maxed, 3 sorcs and a wizard, i just currently started playing my wizard more cause he is fun, swopped 2 feats out and got him better gear. In a different way than the sorcs, the versatility is quiet nice.
FoD, mass hold and Ottos all loaded at once, i'm not complaining.
1 generic nuker/DC human sorc, 1 enhancement specced drow sorc and 1 WF sorc - Direct damage/reconstruct/repair specced WF party insane support Reconstruct unit.
And see i had to roll 3 sorcs who are insanely good at what they do best but my 1 wizi can do any of it as well with just a swop of few spells. The only downside is less SP, the slower casting plays a role as well but can be almost eliminated by playing smart.
My wizard has 4 spell focus schools - 2 enhancement 1 illusion 1 necro and while there will be quests where my edgy specced sorcs won't do that well the wizard will. On the other hand he can't compete with my enhancement specced drow who has mass hold as 7th lvl and goes have fun in Elite Cabal dualweilding thundering heavy picks of puncturing with charmed army on his side.
Btw 2 best 7th spells are #1 mass hold #2 Fod and only than Ottos, in my book. # 2 FoD because you can use Heighten and Flesh to Stone for fort saves instead and heightened PK which you can cast faster than FoD for insta kills. My 2 capped sorcs have both mass hold no FoD and the 3rd is only 10 now.