In the manner of an Elf, the answer is both yes and no. A base Tier Three class as a base Tier 3 class could not match both the versatility and power of the Wizard. As kalaskaagathas said, Tier Three class has may have great versatility as according to its situation, but lacks the world shattering power of the Wizard. Relatedly, the Tier Two classes have a power comparable to the Wizard, but largely lacks the versatility.
However, a Tier Three class can emulate the powers of a Wizard, or another Tier One class through the appropriate use of PrCs, or as KellKheraptis pointed to, capstone abilities. The examples of Beguiler/Shadowcraft Mage, and Factotum/Chameleon (given by gorfnad and Daniel) emulate the powers of the Wizard as does the Factotum's capstone ability.
Additionally, a Rainbow Servant on top of a Warmage/Beguiler/DreadNerco would give spontaneous casting of the entire Cleric spell list, matching the Wizard's power and exceeding its versatility. Similarly, the Arcane Disciple Feat taken multiple times on these same base classes would yield a similar expansion of versatility and power.
The use of almost any of the "Big 7" PrCs would also knock a Tier Three class up into Tier One, as would the use of a fast casting progression PrC such as the Ur-Priest or Sublime Cord.
I conjecture also, that the capstone ability of the Dread Necromancer would also, once attained, make said character a match for the Wizard. The ability to consistently not die should be consider a Tier Two if not Tier One capacity.