Thanks all for the replies. I took the advice of one of my Guildies and went with a Swordmaster Tactician build. It makes good use of Steel Defense. I'm still getting used to the powers, but I'm liking it so far. Need to take it into a Dungeon or PVP and see how it holds up. :)
Just had the same problem. I'm extremely annoyed. Given that I bought it with the understanding that it would be BoE, unbinding it would be the right thing for Cryptic to do. If they won't do that, then at least refund me the Favors of Sune so I can buy something else.