Should I max out DPS, or damage? I like arcane orb.
Will the amount of damage enemies get depend on damage or dps?
Does slow but big damage weapon better than fast and low damage weapon if DPS is the same?
Note: My understanding is that I agree with all the answer. Pick high damage weapon.
However, according to http://massively.joystiq.com/2012/06/16/five-diablo-iii-wizard-myths-tested-and-debunked/, only blizzard is not affected by attack speed. In fact, ias (improved attack speed) works so well, that blizzard (the company, not the skill) decide to nerf it.
The article also said that equipping ias (improved attack speed) will increase hydra damage. It seems that dps is the one that's used instead of "damage".