You have an extra set of legs.
+8 move speed (+5 per level)
+6% carry capacity (+1% per level)
- Inceased carry capacity to carry loot (also helpful for utilizing very heavy armour/weapons)
- More move speed to keep your character alive and help you engage enemies on your own terms
- Extra equipment slot
- The cost in MP is pretty steep at 5 points
- Seems to only provide armor value with one of the leg equipment slots - boots placed in the second slot are purely cosmetic and do not offer any benefit (for example, Sandals of the River-Wives placed on the second Feet slot do not grant the wearer their movespeed bonus)