Don't forget it doubles as an above-epic item of increased Con. However, if you're only after the CON, there's a 3rd level one of those that grants you +8 con, a gore attack, and a bunch of natural armor.
Also, you don't need a bunch of pluses if you're packing a +16 enhancement to strength. The only thing you'd need those for is breaking damage reduction only broken by +x weapons, and you could just buy a +1 bane weapon and get the cleric to cast GMW(if you don't have a cleric, this doesn't work). He could get by with a +1 transmuting weapon rather than a +5, saving him a +4 bonus, which is some ridiculous amount of money. This also could potentially save him a +2 bonus to his armor, which if he were to get a +10 total would end up saving him 40k, since he nets 7 NA over an amulet of NA+5 and an additional +2 to the armor. Oh he doesn't need an amulet of natural armor anymore, add 50k more to the savings. Not to mention another attack to add onto his attack sequence, which is always nice.
The cost of all these things individually would be huge. Also, as a final thought: Steadfast Determination. costs you 2 feats, but if you can spare them, you'll be invincible to anything but reflex saves, and I've never needed a reflex save ever.
+5 enhancement + properties such as transmuting(a +3, right?) = 128k
+5 heavy fortification armor = 100k
+6 strength = 36k
+6 con = 36k
+5 tome of strength = 137,500
+5 tome of con = 137,500
+5 natural armor = 50k
Total cost: 625 k
Now just one object of Werebear:
528k
+4 weapon: 32k
+3 Armor of Heavy Fortification: 64k
Total cost: 624k, plenty left over for a use activated 3 charges per day item of flicker, mystery user level 6, and a boost to saves. Not to mention that this gives you 10 strength and thus 11 damage beyond what you're getting from a +5 weapon, with a higher to-hit bonus, the benefit of the blind-fight and power attack feats (if you should need power attack), and a bite attack. You lose 20 hp and +1 on your fort saves if you choose this route, but I think that the trade off is well worth it. Your AC in either case is identical, and it only gets higher if you have a friendly cleric to give you magic vestment. Also, I believe the spell gives you a +4 to dex, although I could be wrong as I don't actually own the spell compendium, I'm doing this from memory.