Crimson Cloak of Moonwaters  

 

It appears to me, and this is merely an observation on my part and carry's only what weight you place upon it, that the cloak of the spirit tracker, that can be acquired in Arcstone is far and away superior to this in all regards for casters and other classes. And furthermore, with the Arcstone cloak, faction is not an issue and will not cause zone wide agro.
The waist item for melee's is very nice and is of a level on par with many other waist items of the lvl requirement range.