Snake Eye is a randomly dropped unique bow. While sporting rather low attack damage and rather high attack delay, the bow has several extremely effective corruption effects that occur on each attack. Not only that, but the Magic on Miss means that the bow will apply those corruptions (and the poison attack) on every miss. This means that most enemies will become severely corrupted after just a few shots from this bow, and with that much less threatening.
Unfortunately, the bow does not work very well on intrinsically corrupted enemies, as they are completely immune to the corrupting abilities.