Main idea - use a combination of blizzard and venom hydra (and generally a signature spell) to kite champion packs while taking minimal damage. Other skill slots are generally taken by defensive skills such as diamond skin and energy armor.
Example - http://us.battle.net/d3/en/calculator/wizard#blXRQO!YXd!bbabZY
Variations - Left click is very open to preference; I most often see piercing orb, lightning blast, magic missile (seeker or charged, can be combined with temporal flux passive), and even arcane orb. Magic weapon can be substituted in for teleport for more DPS.
Main idea - use an arcane signature spell (generally magic missile) and arcane orb combined with temporal flux to kite champion packs while taking minimal damage. Usually uses venom or arcane hydra for additional damage and/or slow. Other slots taken by defensive skills.
Example - http://us.battle.net/d3/en/calculator/wizard#acXRSO!YXU!cYabZY
Variations - MM rune can be changed to charged or split I guess. Arcane hydra can be used for more reliable slowing. Magic weapon can be swapped with teleport for an additional escape.
*EDIT* - As of 5/25/12 this build has been nerfed. I haven't tested it myself but the proc rate of critical mass has been lowered for certain abilities and it sounds like this build is pretty much dead. Blue post - http://us.battle.net/d3/en/forum/topic/5235398345
Main idea - use critical mass passive combined with a fast AOE signature to face-tank champion packs with near-infinite diamond skin and frost nova. Popular skill combinations I've seen are spectral blades + energy twister or living lightning + explosive blast.
Example #1 - http://us.battle.net/d3/en/calculator/wizard#bSXhYO!Ygc!cYaccY
Example #2 - http://us.battle.net/d3/en/calculator/wizard#WVXSYO!YgX!YYaYcY
Variations - I've seen blizzard instead of blast or twister but that seems worse. If you have an item with arcane power on crit you probably don't need prodigy.
It would be cool if we could use this thread to discuss optimizations of these builds or bring up other builds that have proven viable in inferno (preferably act 2 and later). Hopefully this will get rid of some of the "NEED A VIABLE INFERNO BUILD PLZ" threads.
EDIT - Sample builds added.