imo wraith form is the coolest looking thing in ddo, but not many pm use once they get lich. there are things that can make wraith form a lot more useful but still would not take the fire power spot light from lich.
here is my idea:
instead of (+20 bonus to the Move Silently/Balance skills and Ghost Touch)
give (knock down immunity)
for Improved Shrouding:
instead of (+2 Dexterity and + 10% Miss Chance)
give (+5% miss chance and +10% moment speed)
its stupid to see wraith get knockdown by things like grease when they not even touching the ground. the in game monster wraith cant be knock down at all. these change will make wraith a lot more useful going in and out of bad places but still should do most of the fighting to lich form.