I just finished Warcraft 3 (yes I know, it's sad I should have played through it a long time ago, hah) and found it interesting the way WoW was shaped around these previous games and items within the game.  Can't wait for the new instance.

I agree that this item should be legendary, as it does play a large part in Illidan's story throughout Warcraft 3, and he basically becomes unstoppable once he possesses it. If only it was as easy to get in WoW as it was in WC3, lol.