LOL, you're acting like they're actually giving you a GOOD item. :P
It has a little resist and AC, doesn't hold Augs(at least unless they added an aug slot to it since I got mine), and I'm pretty sure the faction mod is going to affect your faction in GoD only, and not with everyone there I'm sure. You can hold this item in Ranged, Primary, and Secondary slots but it can't be used as a weapon and has NO stats.
Enchanter can mod their own faction so it's not good for that one unless you need the resists bad and don't have a better item. Ranger should have 2 weapons and a bow so I wouldn't bother giving it to Rangers. Anyone else can probably put it to better use in a ranged slot but still a weak item so really not a big issue.
I just claimed it on my bazaar gimp assuming it wouldn't be anything worth caring which character got it and unfortunately I was right. Then again, they can't be giving away awesome gear to everyone for basically nothing.