I see that no one has posted on this item in a while, so I figure I'd share a few thoughts...
This weapon, while looked down upon by folks nowadays, is still a fine weapon. Rangers only have 4 options for 1-handed weapons in Plane of Time these days: the Edge of Eternity (uncommon to fairly rare);Timespinner (which is rare); the Timeweaver hammer (which is even more rare!), and the Cudgel. The Dagger of Distraction has not dropped for my guild at all since the patch that made Time into a fully instanced zone -- it is not just a rare drop, it apparently no longer drops, period. That leaves the Cudgel as the weapon most characters will be likely to earn with relatively few DKPs. Upon further examination we find the following - good overall stats: very nearly a 1 ratio, 15 wis/int plus 140 mana: good for rangers, beasties and bards, 20 magic resist (always a plus, in any situation), 15 sta and 150 HPs, and the ever-popular Lifetap effect. This weapon is better than any weapon you build using LDoN points, and arguably better than any weapon you can purchase using DoN points as well. Add a second Lifetap augment and watch the healing spam fly!
So, what we have is a weapon good for all dual-wield classes that can use it, is relatively common and usually not bid upon these days by folks in Time-capable guilds. Yes, there are better weapons out there, even in Time, but this is not outclassed by those weapons a great deal, and would be an excellent interim weapon until you can afford a superior weapon (from GoD, epic 1.5, etc). Heck, even the graphic is nice looking. So, if you need an upgrade and are able to get this weapon, don't be afraid to give it a try. Highly recommended.
EDIT: corrected a couple of things that I noticed I had put in by mistake. Posting on message boards without getting sleep beforehand -- just say no!
Edited, Tue Sep 20 18:11:18 2005