Boy was I wrong. The AH has a strange quirk with LRR in that the actual level reduced is not accounted for in the search results. In other words, a level 60 sword with 10 levels reduced does not appear in the search results for a level 50 character! This might be an oversight, but it's a huge one for optimizers.
Take this chart into consideration:
Notice the huge spike at level 60?
There is roughly a 2.5x gain in damage for the top weapons between levels 59 to 60. A level 60 weapon with LRR can be devastatingly more effective than any weapon of the same naturally occurring level.
Consider this item, -10 LRR, that sold for 100k in gold:
Pretty nice right? Compare it with the 1 handed weapons available at level 50 at the same time:
There's no comparison! It's a blowout item that will likely last until level 60 and at a huge price reduction. Also consider that LRR can get as low as -18 for fantastic twinking opportunities as early as level 42.
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