If I remember correctly the forging system was pretty op for knights/paladins and didn't do shit for mages. That is why I stopped playing because my friends were knight/paladin and were dominating and me as a mage it was no fun. I didn't feel like remaking or being forced to play paladin/knight just to compete with other people. That was a while ago though so I'm not sure what changed.
Stuff like weapon speed, range, and other mediocre stats on a wand don't do anything really. That is the problem with 99% of enchant or item stat systems I see on servers. They always benefit paladins and knights way more than mages. I already mentioned this to you plenty of times back when I was playing the server. You ended up say something about adding crit, mana leech, etc.. but I didn't stay around long enough to find out if you added them.
Players like the feeling of being able to get super crazy enchants and making themselves "op"" or noticing a huge difference with a good enchant. It's what makes it fun. Enchant system have the potential to be so exciting and fun but most server make it really lackluster. Not to mention most enchant systems are 90% about the weapon and then enchants on other equipment is pretty pointless. Stuff like more armor doesn't really do much. If you had small chance to roll cool stats like damage, crit, life, skills, etc.. on armors and such it would be more exciting, but as I recall it was mainly all about just rolling your weapon. Could even add super rare rolls like increased damage with certain spells, less mana cost, increased sd damage, etc..
You said it's been changed around so I guess we'll see what it's like now, but I'm not really expecting much.