Yes and No.
It's bad because 50% of its effect is worthless (The Cold RES) as you already have 90% RES from your 3 armours.
Of course, this is all a remnant of back when you could only run one armour at a time, same as Temperature Protection - but that's no excuse for not updating it.
The Fire RES is handy (almost 25% 3-slotted), especially since Wet Ice got nerfed down to almost nothing (It used to provide 12% Fire DEF) so your only real Fire DEF now comes from Energy Absorption.
Problem is, I can never justify the power choice and I can certainly never justify spending any slots on it.
In other words, if you've got a spare power choice, it's handy to have in some situations, but don't waste any slots on it.
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It's useluf for PvP for the extra slow resist, but not for much else.
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It's useluf for PvP for the extra slow resist, but not for much else.
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And even then Wet Ice and EA give slow resist, so you would only be using it against very stong slowing builds like Ice/Rad or Ice/Storm, or if you were to be detoggled of Wet Ice and didn't have EA on.
Useful for tanking infernal 
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Useful for tanking infernal
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Well the croatoa arcs have made permafrost a bit more viable aswell imo even if the other zones etc didnt.
He will honor his words; he will definitely carry out his actions. What he promises he will fulfill. He does not care about his bodily self, putting his life and death aside to come forward for another's troubled besiegement. He does not boast about his ability, or shamelessly extol his own virtues. - Sima Qian.
Is it really THAT bad?
I've taken it on my Ice/Ice tank (which is only lvl 11 atm) before deciding to read up about Ice tanks on various threads etc
If it IS that bad, why is it so bad?