This item is dropped by Randel Lawrence, can only be farmed when Bio4 is open, @ 0.20%. It's a rare item, and can only be used by High Priest in Loki, the main effect of which is a chance to proc Odin's Power Level 2 (additional 10% to atk/matk).

I tried it using ME and HL, but its not procing. I tried physical attack, and it procs by 2% chance (RMS).

The thing is, HP seldom (or none at all) use physical attack as main damage. They use magic. And if this effect doesn't proc on magic, what's use of the item. I suggest the effect procs on magic as well.

I think it would not affect the game play for HP, but it will somehow help them when dealing damage to MVPs/undead/demon mobs when the skill procs.

 *ME only works on Demon/Undead. Unless a player uses Evil Druid Card, they can't be affected by it. Also, not all mobs can 
  be affected by ME." Even so, if the player uses ED card, the proc chance of 2% is still low for ME.

 *With the 2% chance of procing, the player might be dead of HL before the chance procs (if the HP fights thru HL on other 
  players) which means it will seldom benefit HPs (HL build).

So ye, please consider.