Alot of the New Drops off of named mobs, while occasionally INCREDIBLE...are more often decent with bonuses to a wide range of stats. This seems to be a purposefull and logical development to the game. For example, my level 51 enchanter already has maxed CHA and INT and the only no drop item he has is a trade skill trophy. After these to stats are maxed I can simply try to maintain them while switching out gear inorder to increase resists, AC, and HP.....Items such as this one with a wide range of stats are helpful in accomplishing this
Often times when I'm in a group, the mobs I fight cast on me. In fact, the gear configuration I have is set up to give me max AC, Wis/mana, and resists. Often times I have chosen to sacrafice a little mana or wis here and there for more ac or resists in normal grouping gear simply for the fact that whether I am fighting a mutli-group raid level mob, or a single group exp mob, or whatever, there's a great chance I'll get hit either by melee or magic. Why give up +7 to every resist for 20 mana? That is like 2 ticks of medding with clarity on.... I mean think about it, raid level mobs aren't the only ones that cast on you....
Definitely a nice range slot item but far from ultimate. To name some of several better range slot items check out the brain of cazic thule or the geomantic focus.