This is a 100% freezing weapon, so it's pretty hard to find fault with. The only real counter for a freeze is a freeze of your own, although a well-timed all-out attack can be quite useful occasionally.
The most reliable way to counter this is with another 100% freezer (although not necessarily used in the same turn), such as another one of these.
The other non-species 100% freezers are Freezing Potion, which also deals two water icons, Magical Marbles of Mystery, which also deals three physical icons, Heavy Blue Tunic, which adds some defensive icons and Moehog Skull, which adds lots of offensive and defensive icons but is a lot more expensive.
Species freezers may also be worth getting if they are available.
Three possible alternatives for this weapon are multi-freezers. Slumberberry Potion provides 17.5% freeze chance and 10 water icons and does not break for the battle after freezing, Ice Dice provides a 25% freeze chance and does not break for the battle after freezing and Sword of Lameness has a 17.5% chance to freeze (and doesn't break for the battle), as well as the potential to fully heal or deal some offensive icons.
Overall, this is a very worthwhile weapon, but it is worth considering the other freezers as well.
More Crucial Than Ever [at Nov 24th, 2012; 9:14 PM]
9 / 10
In the old Battledome, you could get away with a small percentage freezer by withdrawing. Now a withdraw in 1-P is a loss, so if you want to freeze without losing, you'd best have a 100% freezer. This one doesn't have any frills, but it certainly gets the job done, and it's not fragile, so you won't be spending a ton of NP on a freezer that breaks in the next few battles.