You have to take into consideration that this item was designed when EverQuest was still in its infency. This item was actually quite saught after and having a full set of planar gear from Hate or Fear, or even sometimes Sky, was considered uber.
And in most respects, it's significantly better than my Mage has at 52... I think my arms have a few other stats on that these don't, but only +3 INT. Sure, I could farm tradeskill mobs to raise money to buy phat lewt in the Bazaar, but there's no real _need_ to have +20 INT arms at level 46: I'll certainly wear these if they drop on a Hate raid.
Can it really be that a level 46 character has no need for better stats than this? I am only level 39 atm but i would have thought there would be much better out there for even my level to obtain than this.