So I must have way too much time on my hands.
I went ahead and analyzed my Aeria point recharge and game item purchase histories from today. Aside from what I believe to be a small issue in that I count 114 spin payouts for 115 spins, the rate of return on this wheel is about what I'd expect.
Out of 114 spins at a cost of 2740 AP I won a total of 2420 AP. That results in a total net loss of 320 AP or a little under a 3 AP average loss per spin. I never won more than 50 AP on a single spin and in only one of my 10-spin combos and one of my single-spins did I actually win more than I'd bet (one 10-spin combo gave me 285 AP in return and I won 40AP on a single spin). In all other cases, I lost more than I put in
Given these results, I think I'd rather a higher risk/reward quotient. That is, make more spots give 100, 250, 500, and even 1000 AP and in turn increase the chance of getting 5 or 10 AP in a spin.
If I averaged a net loss of 5 AP per spin, but had a slightly better chance to win something semi-subtantial, I might be more willing to spin it more often.