This sword was designed with Blood DK tanking in mind (may have been brought up before). We don't care about dps, and it does provide 365 stat boosts in the areas we hope for in a weapon (mastery, sta).
But yeah, everything else about this sword is ridiculou.
This, along with the complete and utter lack of BoE plate, PvE, DPS helms and shoulders (the reason I'm wearing PvP gear in those slots) makes it look suspiciously as though Blizz is trying to force every plate class to switch to tank spec. Oh look, there are at least two BoE plate tanking shoulders on the AH. Can't even get a DPS plate helm or shoulder from any of the rep grinds. Tank tank tank.
Blizzard, there are some (plenty) of us plate players who, for various reasons, can't or don't raid. We spend our game time mostly in solo play. Sure, I don't "need" raid gear if I'm not raiding. But you've acknowledged that even we "casuals" want to feel like we're progressing our characters. I've progressed this toon as Retribution since I rolled her, and want to continue progressing her in that spec. I have an almost-equivalently-geared 85 Prot paladin on the Horde side, and I've gotten tired of soloing with her because in Prot spec it just takes too frakkin' long to kill stuff. Heck, at this point I'd be happy with some random-drop PvE gear that simply looks
different from what I got from quest rewards, instead of yet another recolored Spanish Conquistador helm and shoulders.