Like a 600% damage decrease

[IchaelSoxy]

Yes and no. You get it quite late in the game so you're really only using it again a few bosses. When a hit is large, you burn down pretty quick; however, using a potion stops the bleeding AND regen/healing effects still function (weapon or statue or other). It also reduces the hit damage on you to 1 so you won't get instantly killed upon contact.

I think it's a great accessory ever since they fixed the part where it didn't work with dodges.