This piece has as Azulmagia states CHR which further enhances charm, evasion which just generally helps and a straight bonus to axe +5!
The CHR +2 has been available in the ear slot previously, for a price, The evasion +5 is equal to the Elusive Earring(buyable alternative) and well the axe skill is just immense.
This provides for practically every need of a beastmaster and all the lovely little bonuses this provides are all thrown into ONE slot...