There's no need to argue about this weapon here in 2003. When Kunark came out, Charasis was one of the tough dungeons. You needed a key to get in, most of the mobs harm-touched and it wasn't easy to get out.
At that time, there were very few good rogue piercers. 12/25 was a good ratio that I would have used, not to mention that 12 damage piercers were unheard of at the time (FSS was a gm event item). Remember, people were still trying to figure out the epic quests.
Bloodpoint also dropped in this zone, and that was the cream of the crop considering it had a lifetap!
Anyways, you can't compare an item like this to a frozen shard or centi SS or whatever. With older items you have to just take them for face value, or in my case, sentimental value =)