It seems pretty consistent to me. It provides a bit more protection than Fenris, and it's special benefit is Eitr regeneration.

It probably wasn't the best choice, but I used it in a run through Mistlands without even using magic, just Skoll and Hati. I probably would have benefited more with the mobility of the Fenris set, but got me by.

Of course, it's intended to be used with magic, so looking at it's stats out of the context of magic is not really a valid comparison, and it's pretty tough to make apples to apples comparison between using magic and using melee, where armor makes the most difference.