This is an excellent shield for a Paladin when doing solo, small group, or campaign activities. When paralyze lands on an enemy from the ice spikes effect, it tends to be a very effective paralyze. It was quite amusing to see the message "Ulbrecht is paralyzed" five times in a row while soloing the SCH Mortarboard AF quest as a PLD/DNC. The ice resistance also aids in preventing paralyze from sticking onto you when attacking enemies that have ice spikes up, a major aggravation for many players. Combined with the Iron Ram set and other magic resistance gear, ice spikes from enemies becomes a minor nuisance at best. Shiva and Ramuh become laughably easy to solo.
Alchemy skill on this is actually 98... on 18MAR2016 I actually capped out at 108. I'll provide pictures if people feel it is necessary, but I encourage you to see for yourself if you're skilling up on it.