MarkB
Legend
I'm in the both camp. Mages are definitely "All-powerfully Squishy"...or "Squishily all-powerful", whichever you prefer.
Of course, the "all powerful" doesn't kick in until you reach a certain level (which takes a lonnnnng time to get to, traditionally)...so it's really more of "Hoping-for-Powerful-some-day Squishy", a "Just-you-wait-til-I'm-X-level" kind of Squishy.
FEAR THE MYSTIC MIGHT OF MY SQUISHY!
Which...personally...I love and think is great and think is all of the "class balancing" you need.
--SD
I'm not really sure that it can be called a balance.
Conventional D&D wizards have always had the twin problems of being defensively squishy, and being offensively astonishingly powerful and versatile, and the conventional wisdom is to say that those two factors balance each other out.
But I tend to think that, in practice, what you have is two entirely different and separate unbalancing factors which, in many or even most circumstances, operate independently of each other to create distinct sets of difficulties. I'd estimate that the percentage of situations in which the wizard's defensive vulnerability acts as a direct counterbalance to his offensive awesomeness is actually very small.
So what you actually have is not a character whose advantages and disadvantages counterbalance each other and bring it into perfect balance, but one whose advantages and disadvantages constantly threaten to tip it one way or the other, so that it is almost never in balance.