It gives only 300 max on my barb and my sword has 415%ed.
It also won't beat eth, a sword with eth and gaze will almost always beat a higher dmg sword with 08 arreats but no eth if other gear is similar. From experience, I can tell you eth hits much more often than .08 arreats face.

/w *thesuck for duels.
I use only legit but will be happy to take anyone on 1v1 in a friendly duel =)