Yeah, the first couple times I used it, I kept wondering why I was missing the mob I was swinging at, and grabbing aggro from mobs a long way off.

Turns out it's a donut-shaped attack. That's the most delicious shaped attack (mmmm, donut), but I haven't found a practical use for it. I can't imagine why I'd want to hit everything that isn't near me, since all my other attacks are based on being near the mob, and running away from the mob just turns off Steadfast.

So I don't equip it. Ever.