Very nice earing for any shaman. Dot's cost mana - lot's of it. Look at your dot line and see the expensive spells you have there to DPS. This earing shaves the cost allowing you to contribute to DPS often without fear of OOM.
You're correct. This only works for DoTs. Mez, Roots that dont do damage, Snare are excluded. It's easier to include the one type than exclude all the others type by type.
why do you say you will never see it? You start off in small guilds, get some great ToV armor and then bigger guilds look at you, and eventually you find yourself in EP's and SRT and you realize you have 9 more flags and you are in PoTime getting uber loots.
He prolly says he'll never get it to see loot like this for a reason, maybe he won't leave his current guild for some reason, maybe he can't play the ammount of time it takes to get flagged and then raid in PoTime.
This stuff is just sick. Granted I know I will never see this gear or have the chance for it but I thinks its safe to say that once you are done with the plane of time as far as exploring goes you have sucessfully "beated the never ending game".