Yeah so if a wand has 0.7 as speed. That means the wand takes a little over half a second to cool down. If a staff has a speed of 1.5 then it means it takes one and one half of a second to cool down.
Also weapon damage partially gets converted into your spells. So higher weapon damage = more powerful spells.
Only place I see weapon damage/speed being important is in PvP. That one blast most people usually get off in pvp can easily be enough to offset a kill. But if the battle doesn't end right away, the second blast can be enough to save your butt.
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