Obviously this is NOT an item that any mage would want. Not even a mage that was pre-kunark, when the epics (and Ixi) were made. So the most I can come up with is that it is for a quest. But WHAT quest?!
I dropped Ixi with a friend while I was in BW trying to find that darned Nezzy. We had just 1 group and he went down easy. No one died. But this dropped off him. And, since I was the only MAG/WIZ there, they let me have it. So it's currently collecting dust in my bank. Im sure as soon as I destroy it, some quest will magically appear saying its for a Mana Regen 548 item quest that takes 20 minutes to finish.
If anyone has any info on this, let the rest of us know, please. :D