A side question; If the attack misses, does the spell stay "charged" in the weapon a la the Spellsword, or does it disappear?
From the SRD:
Shocking Grasp
Evocation [Electricity]
Level: Sor/Wiz 1
Components: V, S
Casting Time: 1 standard action
Range: Touch
Target: Creature or object touched
Duration: Instantaneous
Saving Throw: None
Spell Resistance: Yes
Your successful melee touch attack deals 1d6 points of electricity damage per caster level (maximum 5d6). When delivering the jolt, you gain a +3 bonus on attack rolls if the opponent is wearing metal armor (or made out of metal, carrying a lot of metal, or the like).
From PHB2
Arcane Channeling:
...you can use a standard action to cast any touch spell you know and deliver the spell through your weapon with a melee attack. <snip> If the melee attack is successful, the attack deals damage normally; then the effect of the spell is resolved.