First off when it comes to Ixion VS. Vermillion, Ixion wins hands down. Now when it comes to PT setup I’d normally use:
Warlock's Chapeau
[Head] All Races
DEF:23 MP+20 INT+3
Elemental Magic Skill+10
Enhances "Fast Cast" Effect
-and-
Errant Houppelande
[Body] All Races
DEF:42 STR-7 DEX-7 VIT-7 AGI-7 INT+10 MND+10 CHR+10
Enmity-3
MP recovered while healing+5
Lately I’ve been soloing and meleeing a lot. The stats on the Ixion are great:
Ixion Cloak
[Body] All Races
DEF:43 INT+13 MND+13 CHR+13
Adds "Refresh" Effect
Adds "Regen" Effect
Magic Accuracy+5
Plus INT, MND, and CHR compared to just the refresh on the Vermillion Cloak and no Evasion-10. When compared to the Errant Houppelande and Warlock's Chapeau you’re loosing:
MP+20 (but now have auto refresh)
Elemental Magic Skill+10 (but now have Magic Accuracy+5)
Enhances "Fast Cast" Effect (the only real loss IMO)
Enmity-3 (also another loss)
You are gaining:
NO = STR-7 DEX-7 VIT-7 AGI-7 (mainly for meleeing)
Adds "Regen" Effect (nice lil plus)
And plus 3 to MND and CHR
INT adds up to the same weather you use the Ixion or the Errant Houppelande / Warlock's Chapeau combo.
So is this a crap piece (AKA toy) not by a long shot. Is this the best piece ever, nope. Still swap it in and out when using elemental magic. But this piece has made my soloing / meleeing RDM a lot easier.