IMHO there are two very solid reasons to do the shawl quest, but neither one is "to get a raid-level best in slot shoulders item". As Branamil said, there are better items raiders can get.
One reason is if you're a tradeskiller. Some people (like myself) enjoy doing tradeskills even though they largely suck in this era of EQ. The shawl quest is the tradeskiller's "epic" quest, and so every tradeskiller should want to do it.
The second reason is if you're not a raider, and never plan to be, then it is one of the best in slot items available to a non-raider.
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