The "bonus spell" on wands is pretty worthless too. Unless you have the appropriate level in the spell school it costs too many AP to use effectively. If you do have the right level, why haven't you just learned the spell? Unless it happens to be a spell you want and you just happen to be capped for learned spells of that level, it's useless. Even if it IS a useful spell, you only get 3 casts from it.

At the very least, Wand spells should be treated like spell-scrolls. Always 4 AP no matter the spell. That's basically what they are anyway, 3-use scrolls.

Anyway, as I've already said Wand damage is so hilariously bad that any further nerfs are irrelevant. Not just unnecessary, but completely irrelevent. If you are using Wands for damage you are an idiot. Wands are stat-sticks. That's ALL they are good for; giving a mage a way to have 2 weapons with +int/con/speed. Even staves do more damage.