Considering the lvl of zone... lvl of mob.. rarety of mob.. and the recommended lvl on item.. this is probably the worste item in the game.. gaze apon it's wonders well. :)
Second worste items I would say would be the ones you get from the druid/ranger quest armor in jaggedpine, farm lots of stuff (including a 5ac black leather bracer) for a 2ac 5hp something-or-other bracer.