Hey dude, I personally have never fought him, as I I couldn't be arsed.
There is nothing really to gain(bar the items), but even when I pickpocketed Frostband, I re-loaded so I didn't have it. I didn't want it as someone told me it was there, and I didn't want to keep it without me finding it.
But from what I have been told, there are consequences. In BG2, it effects your game. I wont tell you how/why.
Hope that helps, and if you wanna try and beat him, knock yourself out!
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