This is a pretty sweet familiar - I got one (as a HC ascender).
Note that the tuned stats from the equipment work only with the familiar's bonus stats, not all stats from the fight. So for example fighting an astronomer with a 20 lb bandy you won't get 46/0/0 stats, just for example 25/12/10 (with a normal volley you'd get 23/13/11). Bean - the equip is squeezable into other forms so it's all okay. Still the 25% chance of a lead necklace.
Free runaways are the selling point to speedy ascenders, they're pretty sweet for normal-paced runs as well. For example they reduce the 30-turn limit for the organ of steel or for various delay() counters.
And the combat effects are just great - sauceror skillset actually gains you MP, shieldbutt becomes ever more awesome etc.
So - not much for farmers but very nice for ascenders who try to be a bit faster.
Also cue "zomg it's LaP" and "why have you abandoned us" and "pics now? >.>" You know well enough that I won't miss a chance to be a smartarse 