That hammer has a range of 358-385 damage in ideal form. Attack rate is useless to wizards so one shouldn't look for the weapon with highest DPS value. With this hammer, unless a combination of ideal wand/orb combo with really high +% Wizard only damage modifiers, you get the most bang for damage even if the stats aren't ideal to the class.
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Also why wouldn't you strive for a weapon that deals the most top-end damage? ie. http://us.battle.net/d3/en/item/schaefers-hammer
That hammer has a range of 358-385 damage in ideal form. Attack rate is useless to wizards so one shouldn't look for the weapon with highest DPS value. With this hammer, unless a combination of ideal wand/orb combo with really high +% Wizard only damage modifiers, you get the most bang for damage even if the stats aren't ideal to the class.