I usually play a cleric, so I'm looking at this from that perspective. First, since most blunt only classes (wis casters) do most of their damage from spells rather than melee, the ratio is not that important. Second, +5 to all resists is very nice. Pair this item with an SSB, crested mistmoore shield, and youve got +25 mr, as well as nice boosts to all the other resists. Stack on the cleric resist buffs, and you're in good shape. Great in duels, or when fighting magic based opponents. Regis the reverent, a zombie cleric which has to be killed for the cleric quest armor, comes to mind. His usual tactics are to use smite repeatedly while meleeing you. If you can get at least partial resists to the smites, beating him would be much easier.
I'm not saying I would replace my sharkbone warhammer and Testament of Vanear with those items on a regular basis, but for a planned battle against a magic based opponent, I sure would.