Wise men see Capone as wonderful! (7)
I believe the answer is:
magical
'wonderful' is the definition.
(I've seen this before)
'wise men see capone' is the wordplay.
'wise men' becomes 'magi' (the three wise men from the nativity).
'see' becomes 'c' (the word for the letter, according to Chambers).
'capone' becomes 'al'.
'magi'+'c'+'al'='MAGICAL'
'as' acts as a link.
(Other definitions for magical that I've seen before include "Enchanting; wonderful" , "Mysterious, enchanting" , "Fascinating - occult" , "tricky?" , "Bewitching" .)