The regen is awesome actually. It basically takes the downtime out of soloing tons of stuff as a pure melee class even as your only regen item. On top of that it will stack with worn Fungal Regrowth or Regeneration, and with other Aura of Battle items as others have stated.
Raw +ATK is basically the best thing you can have on an item as a high level rogue. It's better than Grim Aura because it's worn - it stacks with anything and everything, while Grim Aura gets overwritten by Strength of Nature. Shrunken Goblin Skull Earring is actually more useful as a junk buff clicky than a +ATK buff.
On top of that the belt's stats are great.
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Especially for rogues, I'd always rather use a Lodi shield on my back slot for resists, a Tranix crown on my head for resists, and use the belt slot (which has little resist options) for something like an RBG, RBB, or Seahorse belt to reduce BS cooldown during raid fights.
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I wrestled over this for a bit after I found out about the backstab cooldown thing. If you're truly going min-max as a rogue then you're gonna want Cloak of Flames in your back slot, unless you have Grey Suede Boots or Silver Bracelet of Speed, and Lodi Belt in your belt slot. You could certainly sacrifice the 3%-9% backstab haste, regen, and +ATK in lieu of a different belt and focus more on HP and resists, but my preference is definitely the former. I've got plenty of hit points and resists for every encounter in the game even without my Lodi Shield or a RBG, so at the end of the day all I really care about is how quickly I'm making the mob dead.