They USED to hit at full strength when wielded by a L1. It's been toned way down. I like getting nice gear at low levels. To me, it's part of the fun just having the possibility that you might stumble upon something really nice that your char can actually use. Now, if some hero full-stocked some L15 guy, just stay away from him. People who have huge advantages in their PK range often get very bored. Or, pay heros to get you stuff. Or, prep more than he does. I don't want to add yet another dimension to the knowledge people need to CF: what levels can I wear certain pieces of EQ.
Also, in those two rounds, quick strike did at least half the damage, but even then, MUTILATES and one MASSACRE does not seem to be THAT far out of the realm of what a L15-L20 char could do with non-hero gear. When I first started playing in the 90s, because of no corpseguard and how people expected full loots, I was often dishing out MANGLEs with the occasional ***DEMOLISH*** by that rank.