If you time it, you can actually get your entire party from one side of the room to the other before getting fried by the fireball. Start running just as the fireball finishes going "Boom!" and you'll make it.
The important thing to note is that the doors out of the room are closed (and locked, if I remember correctly) and so you have to open the doors before entering the room!
There is also a scattering of (low level) treasure in this room.
I'm wearing Boots of Escaping! I'm wearing Boots of Escaping!