Wisdom provides the immeadiate effect. Its really good stuff for a Druid, and Clerics will seek out all they can get. With a shaman... a shaman isn't going to be kicking wisdom out of the bed in the morning, but it ain't his first love, either.
Shaman are about TIME. Slow the Mob, stretch the time. Regen yourself, stretch the time. Our damage is DoTs, because our DDs are envied only by hybrids. Time.
Mana and HP are resources in the way that coal and wood are resources.
We burn coal because the effect is greater, per pound, than burning wood, per pound. Similiarily, Wisdom provides more up front mana than does HP through conversion. However, just like coal, mana is a very finite resource and is created at a very finite pace. It is desired that this be this way.
HP, however, is like wood. Wood is an effective fuel, less so that coal, but very cheap to burn, considering. It can be brought back much more quickly can can coal. Given all the options shaman have for replacing the HP in a fairly rapid manner, the shaman can afford to burn the wood.
Still, without the proper perspective, you will not see this in the proper light. Wisdom provides so much mana... in the course of a fight, the HP conversion really only provides the shaman with an equivilent amount of mana as a druid would have in the same fight with the added bonus of having to actively do something to achieve that equality.
Now progress to the next fight.
The druid is constrained to the slow coal recovery process. Over the course of the second and susequent fights, the coal is being depleted. The time between fights must increase.
The shaman, however, mixes he coal with wood. He has the same coal recovery as the druid, and can add to that the wood recovery. This is the cruxis of the issue... after the first fight, pool is no longer as important as recovery.
Now back to the build of the shaman, the shaman is about time. The druid will blow their mana and will either win or lose at that point. The Shaman will stretch time. Using the longer fight, asnd using the HP conversions availibler to them , as well as the HP recovery tools availble, over the course of the now longer fight, the shaman will have a far greater total mana pool than the druid.
The only fear is running out of wood... thus the desire for the largest HP pool availble. This also allows the shaman to stand toe to toe with powerful monsters when the requirement is there, as it often is... our spells have a lot of taunt and need to be cast as earliy as possible. Be it the pot luck nature or just bad luck on occasion, the abilities of a tank to hold aggro are usually found wanting, at least up to the levels I have experienced.
I am not disputing the greatness of the earring. I question the dagger, mostly because it is a dagger. The whole of it seems slightly out of kilter. If it is as it should be, so be it. If it is not, then... it seemed remiss to not at least ask.
However, the largest question still remains, is it really supposed to be a dagger (base level 1 graphic dagger at that) and not a spear?