If I'm reading the wand creation rules properly...I can create a wand of, say, Light for free. Or any other 0th-level spell. Detect Magic, Create Water, Guidance, etc.
Crafting a wand takes one day for each 1,000 gp in its base price. The base price of a wand is its caster level × the spell level × 750 gp. To craft a wand, you must spend 1/25 of this base price in XP and use up raw materials costing one-half of this base price.
Caster level is at least 5 by the time I can take the Craft Wand feat (so just about any wand I can craft will have a minimum cost of 3750 gp), but if the spell level is 0 it all cancels out. It also means, in theory at least, that the wand can be crafted instantaneously.
I can't be the first one to notice this, so I have to wonder if I'm missing something here.