Personally (and I know this is a waste of a good item for others), I'd use this for smithing... Having an item that gives STR and INT is nice for smithing, and it's hard to find them both in one nice little package... I'm currently using STR4 INT2 earrings while smithing, and this would blow those out of the water...
Random musings brought to you by Baledin Trueblade.