Yes Ripped Hauby is the most valuable faction item currently.
I'm actually maxed at 1000 on all 3 factions on both of my characters and am saving mine for the NM leves in December. Really no use wasting them on stuff now when new level 50 gear can be had from trading in the stones you get from NM leves.
You can go farm 700k in a day, you can't farm 400 faction in a day
Edited, Dec 13th 2010 6:57pm by Strifexx
Strife Nii ~ Conjuror 49, Botanist 37, Mining 33, Thaum 32, Culinary 27, Goldsmith 22