AdinTheDark Mage survivability is definitely the best aspect of them, though it is painful when you misjudge an attack and lose them all on energy gathering.
They really, really suck against dwarves lol. But they hold their own against gnomes and are solid vs orc/melee human builds.
When I was playing around with magic they did really well at 1.25 schools per land. If there ends up being more useful spells in the future they are definitely the race to go if you wanna play with magic.
I don't think they need all that much to be a decent race. If caragous had higher base stats and maybe trained a bit quicker, or scaled with your own army size instead of your opponents, then I think they could be a contender. As it stands right now though they have the worst melee in the game by a country mile, and that is their biggest failing.