I guess not everything droped in luclin can be insanely uber loot for the lvl60+ elite guilds. this is a very nice item to give to any low lvl wis caster...a bit of STR for those who still melee a bit, some dex to back up that channeling skill, a couple wis, not spectacular wis but it's there, and some pure +mana...it's a well rounded little ring for the low lvl caster, give one of these to any wis caster under lvl20, and mabye one of those Crynthia's rings from the mutants section of Echo caverns, just remember to be nice to those little newbs...they'll grow up to be uber like you someday, so don't tick off lvl 5 clerics!
And the wise shall inherit the earth, but this sucker they will probably give to the brain dead morons right after the will is finished going through probate. Hey at least it is a drop item so you can give it away to someone else if you don't want it.