The item is a rather good replacement for a runed mithril bracer. It has the same AC and same Wis, but with Sta and good saves instead of Str. The level to obtain the item is even appropriate, so it definitely has its uses.
Sure, it would be nice if this item was a permanent effect, or at least not a charged item. But I can see instant casts of EB being VERY useful to someone who dosn't have an EB item.. Fighting something that dispells in an airless zone, Phinny in Kedge for example. Not what you would use for your every day EB, but still has its uses.
Until you notice that it is charges... charges on anything suck if it's the charge that makes the item useful, like this for instance. If the Level to Attain is correct, this item is just twink gear.
I found this item about a week ago during the Grimling War over in the Sonic Wolf Caves. Now you are saying that this item sux because it has charges and that the EB effect is what makes this item worth anything to begin with... no so!! I am still wearing this item now, it has nice stats even for a mid to higher lvl Wisdom caster like myself 53rd Druid. The resists are a added bonus. Yeah, there are better items out there for this slot, but you will either be camping for days if not weeks to get one or paying a few K in EC. This took me all of 20 minutes to get and I spent no coin. As far as I know I am still the only one on my server who even has this item, no idea about the rest of the servers. FYI, I am the person that sent in the info and pic of this item =)