Indeed, the staff of second life can be transformed into the wand of second life upon examining it in 2 conditions: it has to be unequiped, meaning in inventory, and it has to be in 100% condition. Other than than it is still the best weapon for mages, as it has an awesome proc which triggers much more than the 10% announced, or it nay be only me since all other damage procs you may have, for example mystical orb of the invoker, bone-clasped girdle etc, have each their own chance to trigger the wand proc upon triggering their own.
Enjoy your staff, it doesn't suck at all.