My guild has been killing this guy for underwater practice with 1 - 2 groups regularly (we're a non-elemental guild) and this item drops fairly rarely, but I've seen it twice and passed on it both times. I don't think it's a very good item at all... I wield epic in primary which gives me more wis, much better mana and lots of other stats and saves, and a simple Tae Ew Shield. My wis is something like 35 over my cap right now (265 at lvl 62) so the + wis doesn't really matter at all, and the Tae Ew Shield has saves and stats which I do need. So I would be trading off 25 ac, 49 points of saves, and 50 HP for FT1. Now while FT1 is great, I have nothing against FT, but I would rather stay alive longer with the shield than regen mana 1 point faster (currently regenning 25 mana/tick medding - 1 more doesn't make that much difference, you have to agree)
Now of course this is all just my opinion, but I would rather see an item with FT and resists than FT and wis.