Advantages of Mages over other races.

No one will wear the Armor of Valor in the late game. The Mane might be an option. A necklace is also questionable.

The armor might not be worn (there are many other, surely more useful, items instead), but the Mane and the necklace can definitely be used – because, combined with the Lion Crown, they help the hero move more often (the effect is similar to "Empathy").