Band of Blades

Made up recipe is made up. Ignoring the server economy, faction items and heroic droplists when setting the recipe costs is what has been done here.
This recipe never was an option. There always were 2 faction rings:
iLvl 346 [item=62348] - easier to get and a lot cheaper
iLvl 359 [item=62362] - takes some time to get but it's better
...and iLvl 346 rings from heroic dungeons.

Really someone slap the guy for adding recipes that rarely have any chance of being used.

A solid ring and - wonderfully - not unique equipped. You can wear two if you like. There's also the Elementium Destroyer's Ring ([item=52348]), with 10 more agi and a red gem socket (for +10 haste), but that ring carries 114 Mastery, a stat currently out of favor for hunters (can't speak to other classes). So even with slightly less agi, this ring is still probably the better bet.

As of Feb, 2011, the mats are running about 3100 gold. Across the three servers I play on, one or two rings are being listed on both the Horde and the Alliance AHs for 8k - 9k gold, but they don't seem to be selling like hotcakes.

The Gilnean Ring of Ruination ([item=67136]) is also purchasable, but (at least on my servers) goes for about 19k. Wowhead has the average buy-out listed at 6k.

For combat Rogue, this is one of the top two ilvl 346 rings that is not a random instance drop.