The AP’s ratio is on par with a Massive Velium Axe or just a shade worse then the Exquisite line. It has decent stats and can kill undead but the only droppable weapon better at killing the living (than the Reaver) is the Narandi’s Lance which has a required level of 55.
I went from a Iceflame to the Reaver at level 45 and it was basically self-PL. I’m sure I was riding high on placebo drugs but whatever
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IMHO: Get a reaver and something cheap for undead encounters.