Some people are saying it's totally unfair for hunters to get such a relatively cheap weapon, but Nethaera steps in to point out how a big fancy melee weapon is very different for a hunter than it would be for a melee fighting class: "This is intended and is considered to be more of a stat item much like a wand." And she's right -- any hunter who relied on this weapon for damage would likely be at a disadvantage, unless their regular ranged weapon was really very bad.
Even for hunters making difficult choices about how to spend their first Arena points in Season 3, this weapon isn't necessarily the first on your shopping list. For many, the Season 3 armor isn't that much more expensive, and could constitute a much greater stat improvement than this axe can give. Still, it's pretty fancy lookin -- definitely something to plan on getting when the time is right.