It's not good for twink gear because of the recommended level, but for any Beastlord or Monk (Druid as well I suppose if they value it that much) worth their salt would use this. Good AC, HP, STA and resists.
Okay, lets look at the good points of this item. 1. 50 HP. Not outstanding, but not bad either. 2. 8 stamina. Stamina translates into HP... period. 3. 8 str. More damage mitigation for the monk, and more carrying capacity for the other classes. 4. 5 to all resists. Once again, not anything outstanding, but, its better than what I am wearing currently. 5. 17 AC. For a leather class, thats not too bad. There is better out there, but this is a nice inbetween while you wait.
Now, lets take a look at them and list thier bad points. 1. 1 weight. Not great for a monk that is hinging on his weight limit. Then again, if your level 50 and can use this, your probably not all too concerned with it as you have had 50 levels to monitor your weight. Bad point number 1 negated by your own careful planning.
There really isn't too much better out there at lvl 50.