My level 9 Bard loves his wand of Magic Missle (CL 7 I think I don't have his sheet handy at the moment). Generally, he won't out damage the party's Fighter or Druid, but he can use the wand while singing and dancing. Sometimes massive piles of damage are not the responsibility of the wizard (or bard) or the wizard does not want blow throuAndals his best spells and the relatively small, but reliable, damage from Magic Missile is just bonus.
Of course a magic Missile is situational. All spells are situational.
Wizard:"We need to get out of this deep hole, what spell should I use? Magic Missile!"
GM: No effect
Wizard: "Fireball! That is my go-to spell"
GM: Still no effect
Wizard: "ooo I know. Haste! That spell is perhaps the most useful spell available"
This right here is pretty spot on...it is a really nice realiable wand for when you dont want to waste precous spell slots and want to contribute something reliable to the damage totals.
I wouldnt be preparing it or rushing to add it my list or anything but there is value in it not missing/ being saved against etc.