They fixed the duelist, and broke it with one item... now every epic druid is going to get one, since it's more valuable than those crazy epic +5 wild heavy fortification ironwood breastplate armor sets with wildshape adjustment. And it stacks!
Oh well, at least WotC isn't going to make a Paladin's Belt or a feat that breaks the metamagic cap or something, right?
IMO the item gives all those crazy bonuses - but IMC you will never find one, never know how to make one, never encounter an opponent who wears one, can't wish for one, etc.
I don't see the point of this item for a monk, either. It doesn't do anything about his weaknesses at all. It gives him a measly +1 AC, a minor damage bonus (about +1 damage on average), and no bonus to his attack rolls at all, probably his biggest weakness.