The Magnetized Projectile Emitter is iLvl 232 (http://www.wowarmory.com/item-info.xml?i=45870) not iLvl 226 as your character page indicates. Just thought I'd let ya know if you didn't already notice. That and it'll help my wow-heroes score!
I get the impression that your current item level ratings don't necessarily coincide with the actual item levels but might be more based on usefulness?
With that said, currently the Siren's Cry & Giant's Bane are both item level 232 so I would assume that the Magnetized Projectile Emitter was sub-par with it's rating of 226. However, when referencing the EJ spreadsheet (and when you're spec'd MM) the Magnetized Projectile Emitter is 2nd BIS only to the Skyforge x-bow. Since Chimera Shot is dependant on weapon damage, it makes this bad boy one gnarly choice desptite it's speed. I know that, since MM scales well with gear, SV is the most popular spec but that doesn't change the fact that, for end-game play, this gun is cream-de-la-cream.