Yes, I caved in and bought it...
The Item Pack is the first Dragon Age 2 DLC to be released since the ones that were released along with the game (The Exiled Prince, The Black Emporium, and the Signature Edition Rewards pack). It is available on all three platforms for the individual price of $2.99USD( 240BW or MS pts), or the combo price of $4.99USD( 400BW or MS pts). Each class-specific pack has both weapons and armor sets (no set bonus though) for Hawke, and a piece of jewelry for each your companions that share the same class as the pack you've bought (e.g. Merrill gets a ring with some sweet stats from the Mage Item Pack).
Mage Item Pack:
The MIP Comes with two sets of armor, one set for early game, and another for mid game, as well as a staff that scales with level (good enough till you get the Torch of Falon'Din or better). I'd love to have seen a second staff as opposed to a scaling staff, but I don't really have any gripes about the looks of this set. All "IP" items are good enough to last till you reach "champ level gear" (scaling items can potentially do better as your level rises).
Warrior Item Pack:
The WIP comes with two sets of armor, two 2h swords , and a 1h axe and shield that scale to level. My only gripe is the fact that the early game helm looks a bit off, and that the shield doesn't match the mid game armor. The early game armor bears a striking resemblance to the "Legion of the Dead" armor.
Rogue Item Pack:
The RIP comes with two sets of armor, scaling dual daggers, and a scaling bow. The bow looks BADASS, and the daggers are okay (sort of look like wings on low res). I'm not exactly happy about the helm choices though.
If you've played World of Warcraft, you'd most likely see these items as an offshoot to "Heirloom Items" or "BoA Items"; because they essentially replace gear you get from "drops" as you go on your adventure, only being replaced by the "top tier" equipment that you'll eventually get (although some pieces may be used in stead of the "champ armor" pieces for a slight boost in some stats; if runed properly) . It's basically the candy sprinkles on top of the whipped cream topping of a cupcake; nice cosmetic touch, but not really needed. Was it fun running around in my new digs? Yes. Was it worth my $5? Not really. It's something for die hard DA fans, RP nuts, and people who just have too much spare cash.