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IIRC, you can get food, *temporary* resistance bonuses - and also instant killings or money stealings from it - as you have already seen. Moreover, the well is paid - unlike the well in the Land of Giants, which *should* be paid but which isn't. In the other words, the bonuses are either temporary or unessential, the drawbacks can be serious. The well is nothing to write home about.
Another story is the well in the Land of Giants, it can also kill or stone you but the bonuses are permanent and valuable.
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