It still best in slot for almost every caster or priest character. Its a matter of opinion based on player and class but for most there are only 1-3 items that could be considered better, and all will be unobtainable to 90% of players.
Example Shaman:
https://wiki.project1999.com/Runed_Coldain_Prayer_Shawl
7ac / wiz / sta / svF / svC / svP Effect: FT1
(because of the FT1 there are only 4 items that could be considered better (not including resist gear))
They are:
quested
And Upgraded PoSky quest shoulders,
(
https://wiki.project1999.com/Fairy-Hide_Mantle ) (no idea if upgraded version is even available)
and 3 North Tov Drops
(
https://wiki.project1999.com/Shawl_of_Perception ) (
https://wiki.project1999.com/Silver_Chains ) (
https://wiki.project1999.com/Viik%60s_Pauldrons_of_Pain )(including tank shoulders from Vulak).
All this means is that the items that are potentially better then Coldian shawl are
even more difficult / impossible to obtain.