So, by and large, targeted abilities (and AA) are much, much, much stronger than any skillshots in the game.
They are not.
Skillshots tend to have twice the range of comparable point-click skills, which is a pretty substantial bonus right there.
I realize that's a coorilation rather than connection thing, but it's an extremely strong one. Veigar and Ryze also got a max-range boost on their point-click turned skillshot abilities.
At the most basic level, this allows skillshots to be pretty low-risk, high-reward.
This also gives skillshots a lot of strength in regards to chip-damage.
Secondly:
skillshots can hit targets that are in brush, fog of war, or stealthed.
Point-click skills cannot.
Fizz's playful/trickster skill is pretty annoying because it makes him untargetable. Brush, fog of war, and stealth offers that to point-click skills but not skillshots.
Thirdly:
Skillshots requre no target to be used. This gives a lot of power when, well, skill is involved.
Skillshots can be primed and cast to smack a target that activated Zhonya's the moment Zhonya's wears off, where point-click skills cannot be cast until a target is out of stasis, forcing a champion to wait to start their casting animation to begin firing off their projectile, as well as waiting for the projectile to hit.
Vs. some champions like Fizz with a Playful/Zhonya's/Playful combo, this can render a lot of point-click CC abilities entirely useless against the scumbag assassin, as a Fizz with extreemly mediocre skills can render himself invulnerable against a wide range of point-click effects for a considerable amount of time. Vs. skilled players using skillshots: he cannot.
Skillshots can also be used to significantly extend a skill's listed range in certain circumstances. If a skillshot has a max range of 1000 units and a missile speed of 1000, it will take 1 second to reach it's maximum destination.
If an enemy is chasing after you with 500 movement speed, they'll cover 500 range in 1 second.
In this circumstance: a skillshot can be primed and fired from a champion when an opponent giving chase is 1500 units away, as they'll run into the skillshot and get hit by it if they keep running forward. This can force an enemy to back and give up chase by loosing momentum dodging sideways, or eat the damage.
WIth point-click: you'd need to wait until you're opponent is within 1000 range to cast a point-click skill with 1000 range, and then you'd just start the casting animation once an opponent gets that close. By the time you actually fire the skill your opponent can be but 500 range away, and most point-click skills comperable to a 1000 range skillshot have something in the neighborhood of 600 range: which would put a persuer 100 distance away after an 0.5 casting time, and melee AA range is 125175.
Beyond that: skillshots also tend to correlate with more AoE power than point-click skills, which is another win for skillshots.
And finally: skillshot gap-closers are much, much stronger than point-click gap-closers.
So, by and large, targeted abilities (and AA) are much, much, much stronger than any skillshots in the game
They are not.
Why? How is it fair that the easiest, most reliable form of damage in the game is, by far, the strongest?
Point-click skills tend to put champions in high stakes environments.
Skillshots tend to be low-risk, high reward. In some cases even no risk, high reward.
No risk is really, really strong.