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This shield protects the wielder as if he had the Deflect Arrows feat.
Nice. I might pay a +2 bonus for that.
...Once per round when he would normally be struck by a ranged weapon, he can make a DC 20 Reflex save. If the ranged weapon (or piece of ammunition) has an enhancement bonus, the DC increases by that amount. If he succeeds, the shield deflects the weapon. He must be aware of the attack and not flat-footed. Attempting to deflect a ranged weapon doesn't count as an action. Exceptional ranged weapons, such as boulders hurled by giants or acid arrows, can't be deflected.
Going by semantics, this is an additional property of the shield - so you can auto-deflect once per round and roll to deflect once per round.
Going by intent, I suspect that the roll-to-deflect is supposed to be the only effect. In that case, no-one is ever buying this.
Going by experience, however, this is the D&D 3.5 DMG referencing the 3.0 PHB copied into the PF Core and the description is supposed to say "This shield protects the wielder as if he had the Deflect Arrows feat", period.
'As if' doesn't mean exactly like. It is a reference to something existing in game to use as a baseline, typically with differences following.
The shield allows for the wielder to deflect an attack once per round by making a REF save. That is all there is to it. As for if anyone is going to buy it, that depends on the game. If ranged attacks are common, people will buy it, one less attack is less damage taken.