On the subject of lightning wands/rods, while I myself don't like their moveset as much as the other two, they do have a few advantages:
1) Very few enemies, if any, seem to be resistant to lightning.
2) Conversely, a lot of enemies are vulnerable to it, including humans, the kraken, etc.
3) Down + O is the only guaranteed stun in the game that I know of (although to be honest I rarely use it).
4) Up + O does some of the best DPS/knockdown in the entire game. Alternating it with five quick rod pokes (for MP recovery and stun) is a pretty devastating close-up rotation. The ice/fire versions last longer but conversely hit less times per second
Lightning is my favorite, and I think I am in the minority on that. I think lightning is better support than ice, and better damage too. I usually go around doing d+O for guaranteed stun and let my teammates clear the field. With Curse, Petrification, Rock Press, and Blizzard, nothing moves unless I allow it to. I found Ice Prison and Gravity to be underwelming since some elite mobs can get through them, and I don't need help against normal mobs since they are all stunned from the lightning. Undead and trees usually get petrified since they are stun resistant. Mages get petrified for easy kills. Elites get cursed. Blizzard is saved for boss situations or for when I feel lazy, haha.
I like how lightning is effective no matter where you are on the screen, while ice and fire need to be in particular spots to be effective. Seven of my bags are lightning. I made an ice one just for the dragon bosses because they have so much health, and a fire one for who knows why. Everyone is welcome to play as they like, but I think most of the people who dislike lightning don't understand it. I really don't get the argument for ice, personally. 30% freeze chance vs 100% stun from lightning or 100% blowback from fire makes it seem like the worst crowd control element, yet people call it the best.
I just learned a neat trick for those that have the Amazon amulet as well as a Wizard, but not a Sorceress to farm Monocles. The Wizard glasses that returns 50% of the healing done as mana works even when you're at full health. So Ice's cyclone pretty much pays for itself as long as you're not using +%dmg for +%mana. It's the best pair of glasses you can use on a Wizard if you don't have a Sorceress. If you drop one or two of those in a huge add pile after draining some mana with one of the more damaging, but less hitting spells, you'll pretty much gain it all back.
I wish we could trade items, because I do not wish to grind my wizard up for this. I plan on taking this to the next level, though. If you get the money = healing ability, the wizard glasses that give MP from healing, and a staff that causes gold to drop when you hit enemies, there is a ton of mana regen going on. I am hoping that I can make lightning self-sufficient by combining that with the amazon amulet. That would be pretty fantastic.