It is perfectly fine as a weapon, not everyone has 50 bajillion gold to splash out on items.
Yes there are better options available but as that weapon stands, if your still in hell or act1 inferno it will be more than good enough.
If on the other hand you happen to have 5 million gold to spend or a blank cheque book to use then by all means go buy a 900+ DPS weapon but don't go dismissing a weapon because its not one of the "elite" few.
For me personally I use a 916 DPS 1H crossbow, I could actually drop down to as low as 800 DPS and it would be a DPS increase if its stats made up the difference which is more than possible.
That and certain stats are only available on certain items, for instance Critical Damage can only be found on Amulets, Rings and Weapons. Now if you take 30 seconds to peek at the AH you will see that Amulets and Rings with crit damage are incredibly expensive, weapons are not. So the logical thing to do while gearing up, is get a weapon with it on as they are very common and not ridiculously over priced.