note that its not lore. get one on each hand, and it goes from 3 resists, to 6... i dont know how much that would help, but since not everyone is decked out in uber gear, 6 to those resists might have better resists than their normal primary/secondary items.
Why would you want this? Sure its got resists but you would have to give up Ac and stats. And I under stand the end game is really about resists but you can get much better for the slot.