That's true.

Red Mages are great for many things. If you want only one magic user in your party, a Red Mage would be the obvious choice (though a White Mage is also good, you'll just have to run from some things). If you have no Fighters in your party (I'm not too fond of them), a Red Mage is a good front row man. If you like hacking and slashing more than tediously casting spells, Red Mages are the only Mages with decent swords.

They also have very cool hats...