Belt of equilibrium.... Why?

[Gworeth]

I ran into this belt randomly. No one in our group found it particularly impressive, especially at 12k gp.
It protects against fatigue, svanen and sickened conditions if you move No more than 5ft pr round.

Are we missing something besides corner cases like barbarians rage powers and such?

[Meirril]

You aren't missing anything. It lets you avoid the penalties from ending a Rage, or 3 fairly common but minor conditions. It also lets you be a raging alcoholic since the penalty for that (and most other addictions) is the sickened condition.