Teleport
Teleport is a magical spell, allowing the caster to instantly transport himself/herself a short distance through the Ether. Mainly used to avoid danger, or used in rapid progression for quicker movement.
Diablo III Teleport
It is not known if the Wizard will be able to Teleport or not yet. Seeing as how both the Sorcerer (in fact, all Diablo I classes) and the Sorceress is able to do so, it would be illogical for the presumably more talented Wizard to be unable to.
Background
The Teleport spell is a way for trained magic users to traverse the Ether, and with the speed of thought materializing in another location. This skill works without the aid of external gateways like the Town Portal spell or Waypoints, but is likely using similar techniques to transport. The Teleport spell is only reliable for short distances, like teleporting up a few stories in your tower apartments, or to escape immediate danger.
It's unknown why the spell is only usable in short distances, but the likely scenario is that it becomes significantly harder to return to the Physical realm, the farther away you try to re-emerge, and is why these beacon-like gateways have been made for Waypoints and Town Portal spells.
Teleport Development
In Diablo I, all classes with enough intellect could use the Teleport spell, albeit that any class besides the Sorcerer did so with a much longer casting time.
In Diablo II there was only one class capable of using Teleport, as the spell system worked in a skill tree rather than just a spellbook.
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