My opinion is that you are correct to an extent, and as I stated, I think healing needs an adjustment for PM. However, there are a lot of good players out there who are new-ish to the game yet can still learn to overcome the challenges of the game. Your statement, like a lot of comments here, suggests that you have to be a skilled veteran to play a Pale Master, and that it is a worthless PrE because it doesn't offer anything more than some fluff and a nerf to wizards.
Last night, I mentioned to a guildie, who happens to be a vet and is planning to LR his wiz to PM, that the PM was kind of nerfed. He told me he had already copied his wiz to the Lamania server and tried it out, just a few days ago. He said "it isn't any more powerful of a build, but it is different, and that is what I like about it." PM offers a new way to play a wiz, something outside the cookie cutter build, and that should appeal to players who stick to the mid levels as well as the vets who have done every build imaginable.
If you look at it not as some "uber" new addition to the wiz line, but rather a different way to play, it isn't so bad. The thing everyone has to get past is that the wraith/lich forms are not the only option when you are a PM. I agree that PM is not the ideal min/max wiz build, but not everyone wants to have the biggest firewalls in the game.
One more note: if you ever played an assassin build rogue, you would know that not all characters are great in all situations. Half the time, my assassin is insanely overpowered, and the other half of the time practically worthless. You can look at PM the same way: there are going to be situations where the skills and abilities of a PM will make things easier for the group, and times where that caster reverts back to the guy that buffs and casts haste, then follows the group from a distance. I couldn't tell you what quests the PM will excel at, but I bet in a week or two some people will be able to tell you.