There are only 2 uses for this item that I can think of. The most common is that you have died, and are naked and therefore, every little bit helps.
The only real reason you would want this other than that is for the pretty darn good poison resist.
I was going to trash mine, until I just noticed the poison sv on it.
Of course, I almost always for get to swap gear around when I should. Try to get in the habit of judging what you will be up against in every zone. If you need to swap often, you can always put slots into your hot buttons, including your backpacks.