Defense trappings are nice, but there are already so many skills with them that for most characters, this power amounts to a ~+2 to two trappings without breaking the skill cap.
That depends on the character really. The OP appears to both be a melee combatant and a caster so his skill pyramid is probably pretty cramped. I'd wager it's probably a fair bit better than +2 to two trappings for his character.
That being said, shouldn't a power be balanced on it's potential for imbalance rather than it's balance in a single instance? A +2 makes a mediocre person halfway decent, and a very superb person freaking awesome. This power could potentially take a mediocre person and make him superb in two different areas, with no limitations.
On a marginally related note, what is your take on a stunt that allows you to move the attack trapping from Fists to Athletics? On the surface it's the reverse of Footwork, but would also completely negate the need for the Fists skill.