I love the idea of transferring bleeds/poisons/wounds, and so was excite to put this armor on my skirmisher, but I found that the 4 turns was simply too long for it to be of any use. The summoned spiders who poison you can do 120/tic on NM, so you can't leave that around for 4 turns, and some of the more annoying cripples and such from rogues/assassins you kill before the 4 turns even comes around.
I just finished clearing reknor, full of assassins and poison/bleedy guys, and the artifact triggered exactly once.
Perhaps drop the cooldown/timer to 2? That would make it attractive to wear.
Cheers.