It's half the value of BoBs, sure it lacks the negative effect, but the blindness is trivial at best if it's not your first playthrough. Because of that, I really wouldn't consider it a god item. It's much less of a cheat that console command or script that sets attribute speed to x and it still takes up an item slot. I consider it QOL item more than anything. It doesn't drastically change the game compared to so many spells and other items that are built into the game. It is simply a decent enchanted item. I promise, you will still miss 99/100 hits against the Scrib and Kwama on the road to Balmora.
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If you know what you are doing, you can have the boots in 5-8 minutes from a fresh start.