Paired with high resist it makes the player almost immune to damage. See https://theamazonbasin.com/wiki/index.p ... ing_Absorb for details.
Additionally the magic find is useful and the Oak Sage charges are nice but it tends to die without proper meat shield support.
Lightsabre is the only other item with % lightning absorb. Thundergod's Vigor is an easier to find option to help prevent lightning damage.