Blizzard is toying with reducing the cost of Meteor by 10.
Casting cost IS the major problem with Meteor, so that doesn't surprise me. That, and AoE is somewhat low compared to skills like Blizzard, Torrent, Disintegrate, Nado, and Archon.
Meteor builds (just from my own experimentation) just need a lot more specialized equipment (tons of AP on Crit, reduced cost mods, and even skills devoted to Arcane regeneration) to function to the point where you can cast meteor nearly constantly.
Granted, being able to do that is HELLA fun, but it's tougher to get to that point gear-wize than other builds that have just as high DPS and higher AoE (or more party benefits/defensive abilities).
Yes, it's VIABLE, but could use an improvement. (Oh, and don't get me started on how annoying it is to hit enemies like Kulle and A3 KW who are constantly moving around with Meteor). Nothing more frustrating than using the Wizard's most expensive attack skill and missing with it half the time.