Stop looking for a "best build". This isn't WoW, it's not so clear cut. There are skills which are not currently viable in inferno (tornadoes anyone?), but there's no "use this build and everything will be easy". Read what others have posted and experiment. If you can kill stuff and aren't dying a lot then your build is fine.
I know there's a lot of different "best specs" out there, but this is what is working for me at the moment (working my way through Act 3 inferno). Teleport with Fracture glyph, helps a ton on fast or jailer mobs, Diamond Skin for obvious reasons, either with the rune that increases absorption or the one that reduces cost of spells. Hydra, with either arcane or venom runes depending on mob types. Force Armor, the rune everyone uses. For my primary and secondary attacks I've tried an array of different combos... the one I am using now is magic missile with the seeker rune, it's incredibly helpful when kiting mobs and getting a few quick shots off not having to worry about aiming. Secondary I use Arcane Orb with the rune to reduce cost, it's nice to be able to pelt out 5-6 ones at the start of the pull when they're all grouped up. I used blizzard for a long time, but ran into problems with certain mob types that move around a lot.
For passives, it really depends what you are trying to accomplish... Frankly I think there is one, regardless of attacks you use that are really nice, for instance: Glass Cannon and Illusionist. GC is nice for obvious reasons, but if you have a hard time staying alive, swapping it with something like Blur or Galvanizing Ward is an option. Illusionist is extremely nice if you're using teleport, basically any mob hitting you will reset your teleport if it's on cooldown. My preference if using all arcane spells (arcane hydras, arcane orb, MM) is temporal flux... The slow is handy, and it's nice if you encounter fast mobs to pop a hydra out, teleport, and you've gained a few seconds to get some shots in.
A lot of wizards I see use Shock Pulse with the piercing orb rune... It's good in situations where mobs are bunched up or inside buildings or dungeons, but does less damage than MM and it's unpredictability can be annoying. I swap between the two, but use MM the majority of the time.
Everyone has their own thing, though. Certain specs benefit from different stats too... Depending on your gear you might find other abilities work better for you.
Cool, seems like there is a lot of setups - guess the problem is that i love to deal alot of dps, but it is not worth the dps if you cannot stay alive. Please share some build setups so there are to be seen as in-game.