An item with fairly decent stats for a caster along with a one-hand such as Bloodcaller or Mageblade. However, you also will have access to the several tomes available from Alterac Valley, which each have more spell damage. It's a matter of balancing stamina and spell damage.

Honor system changed
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To get items , you dont need rank anymore but honor and AV, exemple: High Warlord's Battle axe requires 45,500 honor and 40 AV marks

The 2-h weapons , bow , gun , crossbow and epic armor requires : 45,500 honor and 40 AV mark.

The 1-h weapons , daggers , swords , daggers , maces, axes and blue armor requires: 22,500 honor and 40 Arathi Basin Marks

Later you can also go to arena and get arena points for better weapons but only at lvl 70 at lvl 1-60 you can only do practise arenas

Absolutely best for Arcane Mage. I use in combo with lvl 60 epic caster dagger.
And I guess I will have it till raiding on 70.