Ok, first off, let's not forget that a full group of 50s could take this guy down, he is just yard trash (if named yard trash) after all. I'm not sure what neck you're refering to in ME, but for the level that you can get this (and the other yard loot), it's very nice and opens up your options in the 46-55 range a lot.
Also, keep in mind that the sphynx/chest level has better loot than this; the theater has better loot than that; the theater balconies have better loot still; and so on all the way up to Bristlebane (though BB's loot is dissapointing for the difficulty of the mob).