This item SCREAMS of "future expansion". Look at the Prayer Shawl, you turn in giant toes and get a crappy 1 wis 1 int shoulder piece. Most folks would be pissed. But then you do another quest (turning in giant HEADS) and, bam, you have a 2 wis 2 int 2 cold shawl.
do another and another, and eventually you are up to 5 int 5 wis 5 cold. And according tot he EQ Dev section, this will eventually goto 10 int 10 wis 10 cold.
Now this belt is the same, you turn in heads and get a crappy belt. Maybe they will expand it.