I looked at it and I'm not sold on it. The tanking neck is the best item, IMO in terms of options. The shield is good but Royal Crest is out there and I'm rocking Titansteel atm. Just not thrilled with the Living Iron's itemization. I am biased, though, because I heve the epic belt from Azjol Nerub Heroic.
I've never been a big fan of Parry because its more expensive than dodge and the difference between the 2 is minor
Its not a bad item, though.
your hat may be nice, but I have the little white tank top that says Legendary right across my boobs. I win. (or more correctly, H wins)