I mean, I understand that it was too powerful/versatile in the spell's original form. I think a big part of the spell's value though was that it's on several lists besides the wizard/sorcerer, and it's pretty much the only energy damage available to those lists at low level (and was pretty much the only way of bypassing SR for some of them).
It has also been a matter of some contention as to whether or not the spell effectively requires two rounds or one to use (e.g. first round just CREATES the snowball and second attacks with it, or all in one round). Doesn't seem that overpowered if it was the first, kind of was if it was the second. Now that it's evocation, the latter makes sense, but as a conjuration the former made sense. At least, that's my two sense (heehee).