Best use
Moved these helpful comments here rather than have them on the page
This is a great ring for a light character that likes to dodge a lot. For example a thief that uses magic as a main weapon, they could dodge most magic attacks and retaliate with a Soul Arrow. Another possibility would be to use this ring in a magic-free zone. Almost everyplace except 3-x is a safe place to use this ring, but unless you're a dodging character, it would be best to equip the Ring of Magical Dullness, and melee.
