WArlock and mage have different uses and get their damage in different ways. A warlock's damage over time spells are are potent, sure, but they're not front-loaded. By definition they take time to kill. A mage, on the other hand, deals his damage in large bursts. This means that the group can burn through individual mobs more quickly, which not only speeds things up on small pulss, but can be a key to evening the odds when things go wrong. In fact, when the group is killing quickly, a mage is MORE mana-efficient than a warlock (because the DoTs don't last their full duration).
This leads us to another big key to the mage: Polymorph. Polymorph affects humanoids, which constitute at least 40% of dungeon mobs, whereas a warlock's Banish only works on demons and elementals. Polymorph is also ranged, which gives it a big edge over the warlock's other CC option, the Succubus' Seduce. A well-timed polymorph on an add or patrol can save a wipe in the blink of an eye. There are probably dungeons where both the warlock's CC options come into play, but Polymorph is much better than either Seduce or Banish individually.
Mages can summon food and drink. They don't like being known for this ability, but they can do it. It reduces downtime for everyone, which makes everyone happy.