I dysynthed this Belt on Lightningday, HQ'd it and recieved 2 Lizard Skins. The only thing more worthless then this belt is the material I got from the dysynth.
Not to be rude; but I do not see any visable reason for the belt; 3 def, lvl 32... jack for anything else; unless there is some synth that isn't listed anywhere so far :-/
The Goldsmith's Guild asks for these for Guild points now and then, and they're rather cheap for points, relatively speaking. Aside from that, yes, you're right, they're not good for too much.