It is definetely a good piece for Steel Cyclone. But the respective gorget for it will be superior, because of the added bonus to the damage multiplier.
This is a great piece for TPing as PLD, COR, or BLU because of the added accuracy and attack. Heck, even the melee RDMs and Ridill users would benefit.
As far as Cannonball is concerned, Einherjar's Kubira Beads or Auditory Torque (with songs) is superior. This is no slouch, though.