Eh, you can definitely get it to tick way higher than that with all your cooldowns rolling. But point aside. It doesn't ingore armor because it's still based off your weapon hits. Which are effected by armor. I've also believe it double dips on resilience reductions? As in it reduces your strike damage and then the bleed caused off that is again reduced by resilience.
I've only used it a few times, but I just don't see it being worth using over Avatar.