Well, I wouldn't necessarily say low balled, but yeah. Sanctaphrax has a very nice list of "Generic NPCs" and has a couple very high refresh "Senior Council Wizards" stated up. Some seriously scary mojo. And you could look at the Our World stats as the versions that those NPCs want portrayed to the world. Easier to deal with people when they underestimate you.
(and WillH, no offense but that's not exactly true. Listed refresh of the senior council is very strong and people seem to underestimate that power. Besides, it does say that "these *may* be underpowered depictions" or something to that effect)
Also, as "PCs", they suffer the "candle burning at both ends" effect. Yes, their rise to power is great, and fast, but it's dangerous and very prone to be cut drastically short. Quick rise generally means quick fall. For a variety of reasons.