http://everquest.allakhazam.com/db/item.html?item=132605 Does this item break? It shouldn't, since the process to obtain a new one is only available for a few weeks.
Ngreth said in another post that it can and only use it for TSing - for the time being. I'm 99% sure he said he'd consider changing it so you couldn't accidentally use it to fish and have it break. I'm sure someone can dig up the post.
He said that all fishing rods have a chance to break, and this is no different. He will consider making it summon a rod to fish with. Along with just using it to do combines, it isn't lore, so you could just stock up.
also not no drop etc, that could all change, and rightfully should. I'd like to see it range/ammo slot useable. Also a click to summon a rod would be good/cool. But we have an item already so I don't care either way.
I tell folks to think of it as the fishing trophy, and use accordingly. You really don't +need+ it to fish itself, there's several other options that are more readily replaceable as well as ye old cheapy fishing pole from the vendor
Already been discussed, don't use it to fish. Think of it as a fishing trophy when doing trade skills.