I have one and a Scythe of Sundering in main hand. The effect is now Burning Affliction 4, so you won't have to bug the mages for a Rallican's anymore. Oddly enough I have seen a necro carrying TWO of these. They are No Drop, but they are not Lore. The effect doesn't stack and cause double the affliction bonus, but the HP are nice enough.
To anyone who said it's a crappy weapon, well ESAD. Until you get your Miragul's Robe with the 30% damage focus from Vengeance of Eternity, this is probably one of the best necro items around pre-Time. It has HP, STA, mana, +12 to all resists, int if you still need and BA4. When I got this I was able to free up a type 2 augmentation slot and get another resist aug instead of my Bloodied Stone of Vengeance aug. You can use in primary or offhand, AND you can cart 2 around!
It might be EASIER to get Saryrn's Miserable bauble earring than it is to get this, since you go through an annoying timesink to get this, but I am not sorry I camped those damn shards for my VT key. A VERY nice weapon indeed.