That and the belt itself with it's only 1 socket availability is still overall better than the crafted 226 belt.
Stats gained/lost: (ilvl226 belt - 23sp, 23sp, 12sp-5mp5) (ilvl323 belt - 23sp) << gem sockets.
GAIN - 230 health
GAIN - 66 mana
lose - 33 mana regen.
GAIN - 1.01% spell crit
GAIN - 0.85% spell haste
lose - 17.1 sp
I mean, it should be blatant as to which belt is actually more superior than the other. You're not going to see any holy pally that comes across this belt thinking twice about it.