I think someone did some analysis of different combinations of defense + dodge with the current DR mechanics and discovered that the highest avoidance came from approx Defense == Dodge. Defense did give higher percentages, but the DR on parry and miss is faster than on dodge. This only applies once you've hit uncrittable, so that would be a total of 1200 or so defense+dodge. I haven't been able to get that much dodge yet, so I'd venture that the the Slayer is a slightly better option.
Oh, and it slings over the back, can't beat that.
