...I really can't see why anyone would want to be able to summon a couple of wolves for a short duration of time. In a pinch it might be handy, but if you get into the kind of situation in which you desperately need something to distract the mobs with, getting away quickly should be more of a priority anyway. Not to mention, GW is handy for farming and before you get your mount--definitely much more versatile.
It would make a bit of sense for Ghost Wolf to have reduced damage, but it doesn't do too badly--I may be mistaken, but I think it keeps pretty much all of our normal armor?