OP here...
Thanks all for the fruitful discussion. I still dont think empower is a must-have for all wizards, but I think I will integrate it in later lives of my wizard, just to have the option to crank up damage a little bit more. With the Spell Penetration past life feats, feats will be less tight, and in later lives spellpoints wont be a big issue anymore. I didnt get a torc during the first life (TRed after 20 DQ/shroud completions) but will probably do another 20 DQ this life.
On strong words from some people around here: if a wiz without empower was gimped, a sorc without spell penetration and high necro DCs would be gimped, too... it takes a few past lives and good gear to make an arcane an alrounder (nuke+cc+instakill) but its certainly worth it.