It's pretty much garbage. The AC isn't great, it's heavy, and it's expensive if you're buying it from a merchant. Back in the early days, though, if you couldn't get a group to go into some of the better dungeons then you might have had to make do with the armors and weapons sold by the merchants in the cities, so what can you do? It's better than running around in cloth or tattered/patchwork armor while you're waiting for a spot in a group to open up.
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If you were me and I were you, would we still be friends?
It's crap but cheap although I can't find any vendors who have it-- anyone know where there are some vendors with it (for a medium size) around Qeynos?