Sometimes it can be fun to do a run on a quest no matter of what the reward is. Not always is the game to some about exp and grinding. That can grow old just as doing quests for some can grow old. In the end it's all about what you enjoy and not always on the so called end product. It's how it made you feel and if you enjoyed it. So have fun in whatever way you want to play the game. Cuz it's a game =)
I must say, who in the world comes up with equipment as such and a level 45, I think quest items should have better stats, if its quested should be wrought while to go after... sorry I wouldn't waste my time..
There were times it was a good item, it's from a long time ago. Nowadays with all the drops from the planes vex thl and other lucrative locations it's not so shiny anymore, but there were times guilds would raid for such items and take their losses for it. Offcourse now those days are over but the quest still works and some ppl who do quests for fun still do those quests not because they need an upgrade but for the purpose of having achieved/done it and if those ppl are having fun playing the game this way, than i'll be the last to comment negative about quests of wich the award in these days can be considered obsolete.