Once I re-familiarize myself with the current state of the game, I'll be testing the Orc Warlord a lot. Before I took a hiatus, I played him quite a bit and found him very effective, as long as you have access to all the great war cards from other sets like FiF. That set, plus bringing in Trolls from Kumanjaro and Meditation Amulet from DvN, makes his swarm game very good.
You can't really make comparisons based solely on mage ability cards, because a lot of power of a mage isn't included there. To the extent that it is, I don't even think the Orc Warlord's abilities are that bad, especially if you know the strategic value of Veteran and the commands, which is long-term swarm supremacy against other swarms. Properly supported with Fortified Position, Armory, Standard Bearer (amazing card), Group Heals, maybe Etherian Life Tree and probably a Fog wall or two to mess with LoS (if you suspect a zone attack), your level 2 and up veterans should last a while and will eventually out-value other swarms. Even your Grunts that manage to survive or are summoned mid-late game stand a pretty good chance of avoiding getting one-shotted once you have all of your swarm buffs online. Some Rouse the Beast serve him very well too, unlike the Necromancer.
If I'm playing Orc Warlord and my opponent begins with some kind of spawnpoint, I'm feeling good about my chances in general.
Things are a bit different when I can't get reliably get Veteran, like when I'm playing against a more solo mage like Forcemaster or Warlock. I opt to not go the spawnpoint route against Warlock, since Warlock basically counters all the supporting cards for the spawnpoint build order (everything is weak to fire), and instead go with a Battleforge build order built to counter Warlock and Forcemaster. Iron Golems, supported with Charge, and a well timed Agony can be a real headache for either mage. Landing a lucky Daze or Slam also wrecks more solo mages, though a good Warlock/Forcemaster book should absolutely have ways to deal with it (Akiro's Favor, Colossus Belt, Wand of Healing, etc).
I could go on, but suffice to say I think the Orc Warlord has plenty of tools to compete on par with the other mages. The only thing I really have never understood about Warlord is the outpost placement restriction. I don't know if it's a thematic gesture, but it just seems entirely unnecessary. It's not a big deal, though, because defending more than one Garrison Post is tough against a smart opponent.