As mentioned before, it does depend on what situation you are talking about when saying "underpowered".
Soloing: Rogues
Grouping: Wizards
Raiding: Shadowknights
Overall Toolkit: Magicians
For soloing Rogues lose out. No class is worse at it in the game. The only way a rogue can solo decently well is with a lot of gear, or a lot of time and patience.
For grouping Wizards lose because of the stigma. They are probably the least likely class to get a group on P99. This isn't to say Wizards are bad at being in a group.
For raiding Shadowknights bring nothing to the table on P99. Lifetaps are completely nerfed, they aren't generally allowed to pull, guilds do not employ the harm touch zerging strategy, and they do not have any useful class specific spells/clickies/disciplines.
Toolkit-wise I agree with Fammaden. Magician's get an amazing kit for playing the game when all of the players on the server don't know anything about Everquest. This is because the summoned items they can produce are quite nifty, and basically keep your group where it needs to be. Players don't need to run back to town for food, bandages, etc. Sword of Runes is better than a Fine Steel Long Sword, so they can give under geared players OK weapons too. Their pet is powerful, which means they can handle themselves Solo or in a group. Unfortunately once everybody knows everything about the game, Necromancers have Magician's beat in every way, with the exception of CoTH. There is just no advantage to making a Magician on P99 other than CoTHing.
EDIT: There is one other good thing Magicians can do on P99, and that is level to 50 very quickly on a brand new server. So in the rare instance of starting fresh on a new P99 server, they are quite good as a character you can quickly level to 50 to start farming gear for your next character. This is because their pet is powerful, and they do not need to spend their very limited money on things like food, bandages, etc. They also do not need to rely on bone chips, which are heavily contested early on. They can just buy their spell reagents from the merchant with the money they are saving from summoned items.
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