it's crap. smack the guy saying "some HRs" for me.
to further elaborate compare it to Arreat's Face:
you gain:
2 bo, % ar/level, 1 life <-- ha!
you lose:
40 stats, 30 fhr, life leech, 2 combat skills (which if you'll note will help make up some of the ar/level along with arreat's built in 20% AR) and 30 res. not to mention the huge difference in defense which some people care about. PLUS! it's in one of the ugliest base hats ever.
i'm a huge AR freak but that's waaaaay too much to lose to gain a small chance to hit.