yes, the healing ring will only work with words of courage. I try to keep its HOT on the tank, and sometimes on the healer. The less the healer heals himself, the more he heal us (from a healer point of view, in my mini I love when cappys put it on me and I dont have to worry healing me). So I do use word of courage. maybe once every 15 seconds?. with the 15% chance Thats a 1,000 area heal every 1.66 minutes [ remember once it procs, the 30 secs cooldown will fuck up the chances for 30 secs ). not very impressive. But sometimes when the healer or tank are dying and you must pseudo spam it (killing yourself in the process because of the morale cost), you will be using it every 5 seconds. so an area heal of 1000 after a 30 seconds try. not impressive again, but might help taking in consideration that you are focusing on only one or two targets.
But overall is a ring with good stats.
122 might 41 vit 41 fate 202 power 408 tactical mastery
True that it lacks critical rating, but
I cant find a lot of Might items with Tactical Mastery on them
Concerning the Moors, I think its nice to be able to get more options on items If you go there, but I dont think its a MUST DO.
Lotro is not a PVP game.
WOW had a good PVP mechanic
Warhammer Online was even PVP oriented
Lotro is mainly a PVE game.
The 6 secs RC cooldown sound nice, but not mandatory
The tactical mit banner sounds nice in BFE but not mandatory
I think we can do fine without the Moors. If you like it, great you get this extra things, but if they ever make it a MUST go there, the game will doom itself.