Wildcard implies that it should search for whatever the string is, with or without a wildcard character.
Eg, if I tell it to search for conf it should locate the following (if they exist):
confsystem
configure
confused
conf_new
In fact, this is what frustrates me about mIRC, is that it doesn't do that, and you have to further specify a wildcard character such as a * to make it search through the list.
An example of this is /hfree -sw
Anyway, this is a minor point, and personal preference too.