It's very useful, both grouping and soloing. 33 dps mana free and sustainable. With a pet, a shaman is going to be able to keep up 60 dps. That's equal to a mid 50's monk or rogue.
The 25 or so mana you'd get back in 1 tick is never going to be able to be used more efficiently.
It's a pretty damn big item.
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