it's simple.... we use the slow time + frost nova...
Frost Nova lasts 4 seconds with a reduced 9.6 second cooldown, Slow Time lasts 10 with a reduced 24 second cooldown. If you are going to be using both buffs at the same time for max damage output, 35% slow will not protect you very long from taking hits. If you are rotating those abilities for better kiting, you start to lose damage output to survive.
Like I said, if you are in a group with someone else taking hits, meteor is going to be wonderful. As I have yet to meet anyone who can farm in a game in as long sessions as I can, I for one will not always have that availability of constant meat wall.
Also, repeating above post, this is list of pros/cons for a choice everyone can make for themselves in the game.
Or Alabaster Blizzard. Plenty of ways to ensure ideal Meteor damage. Play enough D2 sorc and dropping meteors and hitting moving targets isn't hard.
Now you are going to have to sacrifice another skill slot, aka another damage buff, for meteor to hit. All of these moves taken make what seems to be an OP build unparalleled in dps more and more comparable to easy to land and repeat lower-damage spells.