40/40 is a vastly superior ratio to 42/49. The stats on the latter don't come remotely close to compensating for that; and those stats aren't even significantly better than +12 to all resists, anyway. The only issue is that Reaver isn't magical, so if you're leveling from scratch with it, you'll have some issues fighting ghouls and wisps and things like that. If you can keep a backup weapon in your bags, or just avoid mobs that require magic weapons, Reaver is way better. From 1-30 the difference is even bigger as the damage cap makes Argent Protector a legitimately bad weapon until 30.
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