Got my lvl 8 mithran warrior this axe today, and still trying to get use to it. It has proced a few times for 5-8 added damage which is not bad. I hit in the 30-40 range on decent cons. Defintly a good choice, but if you have about 2000 more gil to spend, id get hellfire, same proc, but more dmg and faster dly.
Hellfire Axe for only 2000 more would be really nice... Thing is, the last one to be sold at any AH on our server went 6 months ago. People must really not want to let them go...
At 40 alchemy, these things cost me about 2-2.5k to produce, and sell for 5-6k. This is all on Midgardsormr. I've never failed once either, even produced a Hellfire Axe today. This leads me to beleive the skill to synth this is actually 35/36 or so as well.
The skill level listed there is the level at which it caps out. The questions is wether or not you were still gaining skillups at 40 from doing this recipe.