This is a tank item, make no mistake about it. It forms part of Fire Resist build. It offers the 2nd highest fire resistance in the slots, to Triumph Ring +1. In my opinion, this is much better for tanking though bacause of HP+40 if you can put this in both hands!!! It is, however, hard to come by and is extremely pricey, a show off piece if you have cash to burn. Otherwise, Assault Breastplate should be main focus of Fire Resist built. It's NQ make much more economical sense and, in my opinion, still better ring than Triumph Ring +1.
No disrespect but comparison with Flame Ring is far-fetched as Flame Rings is designed for Weapon Skill. The job that benefit most from Flame Ring is DRK, doing Spiral Hell, Insurgency, Spinning Slash or Ground Strike. Triumph Ring (Ruby Ring HQ1) is a better option for STR mod only DD because it can be use 2 level earlier, carries no penalty and can be use in Fire Resistance setup, with marginal different in price.
Prices will balance out eventually-- it's the same synth as Flame Ring just using a Pigeon Blood instead of a Fire Bead. The difference in crafting is that this is a HQ, Flame Rings have no HQ. The difference in performance is that this has HP and fire resist vs the Flame Ring's Def:3 INT+2 MND-2. There are reasons to want this other than the lower level requirement.
(It's fairer to compare it to a Triumph Ring, anyway.)