Foresight is good.
If your basic defense mitigates 40% of incoming damage, then Rampart's 20% is actually only acting on 60% of incoming leftover damage. 60% x .8 is 48% so Rampart's 20% actually only mitigated 12% of true incoming damage.
Raising your 40% mitigation from defense by 20%, will increase it by 8%. 8% doesn't sound like a lot, but it's 2/3 of what Rampart did. Most people do not look at the Defense mitigation model correctly, and they compare Foresight's mitigation to Rampart's advertised mitigation, instead of Rampart's actual mitigation effect.
Full 210 tank gear defense with protect mitigates about 42% of incoming damage at the moment, so Foresight is a little better than 2/3 of rampart, and will get better over time again as we gain item level. Of course, it only works on physical.
Extreme versions of this model are nice to illustrate the difference in scaling. If defense mitigates 0% of damage, foresight is useless. If defense mitigates 50% of incoming damage, foresight is exactly even with a 20% mitigator. If defense mitigates 80% of damage, Foresight would be 4x more effective than a 20% mitigator ability.

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