Sure, you're still getting hit, and will probably die when it runs out. But it still has the use of prolonging your death, at least. Plus, the Spell Resistance is nice. You will probably say that you're still going to get hit with spells. . . Well, um, yeah, of course. You're not supposed to be invulnerable with the thing.
And running away? I don't know of any group I've been in that has had to run away.
Again, it's still useful to some degree. Again, if you're looking for something that will make you invulnerable or something. . . I don't think you're going to get it. From looking at it, to me, it's designed to just slow down your death (Or stop it if you use it wisely), and help give you the edge in battle.
Plus, look at it logic-wise. You just killed a Warforged Titan. Warforged have Docents. It would make sense to get his Docent.
If you don't want it, though, send it my way. I know I'll put it to good use, and I don't know of many other Forged that complain about it, so send them any extras you have. ^^