In today's game, it is sorta true that this weapon is a joke. The saves are impressive and all, but the ratio is terrible considering what you have to go through to get it.
Without diving into the issue of how loot is awarded, I would like to point out that this is a great archery tool for rangers in places (like ToV) where AoEs are a serious problem. Rangers, even with better gear, often pull out Swiftwind when they are shooting for it's secondary benefits. The concept is pretty similar with this weapon, and in fact the two would be a decent combo for an EQ/AM3 ranger who is using a bow in ToV.
The first time my guild saw this drop, one ranger was bright enough to realize this, and bid on it and won. I may not have made the connection had he not mentioned it, so I thought I would take the time to point it out :)