What does Mimir's Well Water do?

I've heard of this item when Cannon Shooter was going to be released and on the Event Page on the MS website. What does this item do?

Legendary Mimir's Well Water
Special Mimir's Well Water for all classes. You can drink it only until 2012/03/03. during the event period. Drinking this water will give you 10% EXP if you're Lv. 50 and below, 5% EXP if you're Lv. 50 - Lv. 99, 2% if you're Lv. 100 - Lv. 149, and 1% if you are Lv. 150 or higher.

In short, it's basically potions that give free exp. How much exp you gain is based on your level.

Meh 1%... ok so I need a literal ton of them to make them worthwhile.