Great neck. Mana and hp regen at 5 is absolutely awesome. 35 to magic resist is an additional bonus. There are other necks out there that are superior for the high end raider, but none that have such an amazing regeneration rate for such a common Time item.
If you are new to raiding, this neck will fall into your hands soon. Don't pass it up. I opted for this neck over the TT neck due to my weak Magic Save stat.
I'd have to agree with Danalog. Magelo, in fact, counts items with "effects" like that towards your FT max. Likely they would have been spammed by hate mail if it were not true.