Man why does this item have to b a no rent...it would b very sweet for a warr type class when soloing to have...not to mention u could prob make a good Plat on selling them :-)
Why this wouldn't be "sweet for a warr type class when soloing to have...":
1) as you pointed out, it's no rent. 2) it's lore, meaning you can only have one at a time. 3) the affect is a 100 hp heal. Most warrior type classes soloing at the level you need to be to get this have well over 3k HP unbuffed. 4) it only has one charge.
Make it unlimited charges and remove the no-rent, keeping the 3 second cast time... yah, then it would be pretty sweet... but then you'd probably never see one for sale because no one would want to sell it.