Well, I pretty well agree with Brunswik here, but here's my experience as such: (I stoled yer intro!)
I've played with most of the better known, and most of the better played Bright Wizards on the server. They all have slightly different playstyles, most spec for area effect attacks to kill in quantity, though I've played with some of the better single-target BWs as well. Some of them like to go all out damage, and others like to stack some survivability. I think how all-out you can go is partly determined by the players that you typically run with. If your group is really good, you can drop some survivabilty in order to kill faster, which incidentally increases your group's survivability, since your enemies die before they can do much. My BW is only rank 11, so I've not got any specific advice on build. Yet.
I see the phrase 'engies are subpar' more often than I think is reasonable. My first 40 was an Engineer, and while I primarily play my IB now, I still like to log the old engi in and kick some ass now and again. At rank 46 I find that I can usually score at the top of the list in damage and killing blows doing PuG scenarios. My build is a mix of Rifleman and Grenadier, taking both Snipe and Napalm. I feel like it's a good mix. Against squishies, I can lay on the long range heavy damage of the Rifle path, and in close I can really pump out damage on harder targets with the Grenadier path. I love loading up a zealot and dropping them with dots and hard hitting long range, then switch up to nades on a charging tank or mdps and getting 900-1000 crits.
With the last major patch, the Tinker path got a huge buff and while alot of people just thought of it as 'oh, now the engi has a good pull', it's alot more than that. There are a couple close range ae attacks that got a nice boost, even Spanner Swipe, the melee attack, hits hard now. A good engi with a guard running Expert Skirmisher, specced into the Grenadier and Tinker trees can lay down some frightening bomb-style damage. I think when I get Korzak to 80, I'll be picking up the engi a bit more, and this may be the way I end up going for a respec.