No penalty. However they do have to take a feat and/or multiple feats to select the armor you want them to be in. Furthermore, they are encouraged to wear light armor because;
-less/no feat expenditure
-They add INT bonus to light armor for AC! (so a robe wearing wizard can have an almost similar AC to a plate clad warrior)
-Heavy armor give penalty of -2 to skills.
-There is no mage armor spell in the game. Mirror image has also been nerfed into utter oblivion.