[DrKvothe]

I'm not at all convinced it does. However, IF it does, it and resists are the only stats that improve your efficiency. More hp lets you keep a bigger buffer between yourself and death when you're cannibalizing, and more mana lets you cast more spells in an intense, brief fight. Assuming you will be getting hit occasionally, by reducing your damage taken, AC and resists are effectively in-combat hp regen.

Another selling point is that they're super cheap (minus legs/chest/bracer) with clicky effects and they fill spots with few other good/cheap options.