the good part of this whip, which btw sux :) is the added 10 range, allowing you to get out of the mobs strike range and hit from further away.
as to the 2 ac bonus untill you get something better is good and scince this one of the first items, this was pretty uber untill higher levels.
my 2cp worth
Stanzaz, bard of the 17th song on Tallon Zek