I don't really like the idea of a magic wand. I don't see why Link should be limited to having to use a wand just to perform simple magic. Though he's used them before in past games, like the Legend of Zelda, where he did have the Magic Wand, and in A Link to the Past, if you want to count the Fire Rod and Ice Rod, I still don't like the idea much. However, if a wand does show up, I would only like it if it were the same in the Legend of Zelda. In LoZ, all it did was let you shoot out magical beams. It also got a small power up if you get the Magical Book, in which the Magic Wand let's you shoot out fire as well.
I'd rather have the return of the use of spells from the Adventure of Link. I liked the Spells, even if some only had one use in the game. The spells also made magic more of a reliance, since the spells were used often in the game, especially the Shield and Life spells. There was also the spell, Thunder, that you had to use just to beat the Thunder Bird, which was another way magic was utilized well in that game.
I think Skyward Sword would be better if it had spells rather than a magic wand. Like I said, a wand makes Link seem limited in his abilities in magic.