A light level one, see invisible, and low end flame is pretty bad regardless.
At low levels in the tool slot it's competing with things like the tooth of the mouth, telekinetic core, and eye of the dreaming one. Even most of the picks have decent stat boosts, torques act like an extra rune/infusion and also often have stats . . . this thing just has an activate similar to what you'd find on a pair of gloves like Flamewrought.
But Flamewrought also has + to willpower, + to fire damage, +fire damage%, 2 armor, etc . . . This has +1 light and +10 see invisible (not even stealth detection). I agree that it probably should be improved. Very good point.
If you made it +2 light and added +10 stealth detection it would make a much better early game light. Or if you wanted it to remain a "tool" then adding in a bonus to fire damage% would make it more useful for fire arch mage builds, Doombringers, and fire specialist Wyrmics. Unfortunately my suggestion wasn't about improving the artifact . . . just that it didn't thematically fit well into the tool slot and would fit better in with lights. If this discussion thread results in it getting a buff though I'm all for it!

lol
To be perfectly honest right now this is something you slot if you are DPS and have a hole in your talent cool downs, or if you completely lack early ranged abilities and want some. Most likely its just vender trash or something to toss the apprentice mage without losing a better drop. Its a very niche specific tool/light/whatever.