I still swap out spells depending on the raid/quest/epic I'm doing...
I don't do the same epic quests over and over and over.
Now, if ALL wizards got was spell swapping, I might agree with you, but that PLUS five extra feats makes them pretty balanced...
I do believe that we need about 6-8 more GOOD spells added to the game to make the sorc spell choices a little more painful (and of course, the sorcs need some awesome PrEs as well)