Unlike most other class-specific sets, Tal Rasha's Wrappings are a powerful end-game gear option--particularly for Sorceresses who use two or three elements of damage. While the mask and belt are relatively easy to find, the body armor only drops from the highest treasure level areas in HellDifficulty, and the amulet is a fairly rare drop too.
In addition to being a powerful end-game set in its own right, Tal Rasha's Wrappings are an excellent set for magic find. Not only does the full set bonus grant a healthy amount, the armor and belt grant 88% and 10-15% magic find on their own, respectively, for a total of up to 178% magic find for the whole set.
Wearing the full set grants a special aura that is purely cosmetic, glowing in a similar fashion to the Amazon's Valkyrie. Wearing the full set requires the wearer to be level 72.