Not quite the equivalent of a bastard sword, as it doesn't have the 1-handed exotic clause, it's Martial 2-handed only. It is better than a greatclub, though, as it has the x3 crit. It is in Complete Warrior, as Kylarra said, same as the warmace and dire pick, which are the bastard sword equivalents.
EDIT:Half Giants still have Powerful Build, which doesn't stack with the armbands.
As for no Monkey Grip, he doesn't want the attack penalty, which was why he ruled it out.