[Nocte]

That formula is way off.

If you're looking for a basic answer to the question posed in the thread title, then yes, it does.

At early levels, 1 WIS = 1 mana. As you continue to level, each point of WIS you have begins to grants a larger value for mana. I'm level 39, and I get between 6 and 7 mana per WIS.

Past 200 (or 201, some argue), WIS, the amount of mana per WIS does fall off to a negligible amount (though not as described above). I believe you get 1 mana per 1 WIS for every point over that 200/201 threshold.

The same applies to INT, obviously.