They both spam bolts in raids, mages get to buff and warlocks get to add a curse... other than that it's bolt-spam-fest! If you intend to do pvp, mages have a little better survivability than locks(imo, but then again I'm a glass cannon) and have a little better burst. Locks have a few tricks though, pets help alot. And dots can be thrown around alot. Just don't fuck with targets cc'd (that goes for every damn aoe class and hunters the most).
It all comes down to if you wanna thrown ice around or dabble in shadow magic. I lost my soul to the latter.