A mighty tale, Gaunt, and it is with delight that I see you finally posting on the Barrow-Downs, so many years after you made me aware of this place.
The tale underlines a crucial aspect of the character of Wargs. They are proud, and suffer no mockery. They famously place a great importance on manners, more so than perhaps any other race of Middle-earth or beyond.
The story also features a classic character: the magician, in this case, who is ridiculed by a people only to turn into that people's worst nightmare. In fact, I see so many parallels between this story and much of our world's classic literature; it makes me wonder how much the tales we grew up with 'borrowed' from the ancient stories of Wargdom.