Wallace held on to his place in the side for so long because of his solid defence. Undoubtedly, there aren't too many other halves in the competition with better defensive qualities.
He is also a very gutsy player - one who will run to the line and get smashed time and time again as he passes right on the line. The trouble with that, is if you're gunna get smashed because you're running to the line and passing at the last minute, make sure you're putting someone through a gap. The problem with Wallace is nine times out of ten, he didn't.
He seemed to get smashed just about every game, and although he played on, perhaps this affects his thinking game - because over the last two years he has just lost the ability to see the bigger picture in attack. He shows flashes, but overall has become just too pedestrian and too predictable.
Perhaps if he played at 5/8, and had a little more room to work with, he may improve a little, but then, his lack of speed becomes an issue.