Provided you can trigger the latent, Uggalepih pendant is still better due to the extra 3 MAB, unless you were able to force Critical Hits.
Also, remember Artemis' medal which goes up to 12 MAB during the proper moon phase.
@Eremes: Magic critical hits are a flat +10 MAB when they proc + very small amounts of additional MAB from gear like this that increases magic critical hit damage. I'm not sure about this particular item, but most gear like this increases damage by 5% or less, in essence adding .5MAB to a magic critical. Nevermind that it's almost never worth it to gear for criticals, but magic criticals are calculated as additional MAB when they proc so suffer from exactly the same diminishing returns
If you are a BLM, and have the extra inventory for it, this can replace your Goetia chain when the Artemis Medal moonphase is in its weak stage, for Elemental Magic.
Your Ugg. Pendant will/should still swap-in when the 50% latent is taking affect, and Artemis Medal is not in its +/- Full Moon phase.
Also because its All Jobs, Im sure other ppl may find many uses for it.
Even if you couldn't force magic criticals, MAB appears to suffer from diminishing returns, so jobs that are already stacking extremely high levels of MAB may actually find the magic critical enhancement more attractive than a flat 3MAB over time, especially if you have other gear that adds magic critical hit rate.
@Sheelay. It won't beat Uggy but for nukes which uggy won't apply for and in lower moon phase it will beat anything else. There is no nuke neck piece that should be full timed forever.