No, it's definitely not the sole reason for doing that quest!
Some have said that the reward for this DLC isn't worth it. I do it sometimes - I got the DLC as part of the KotN pack, so it's not bad.
Oh, I totally love the Mehrune's Razor item itself. It was great to have a clear, solid reason to boost my luck attribute up. It was those other, extra items that were weird. The potion i was thinking of is called Trichobezoar Extract, gives Cure Poison + 5 sec. 100% poison resist...Which is odd cause ive never had an enemy use more than one poison on me, at least not within the standards game. (enemies are a little more creative with certain fan patches, but it hardly seems fair to ask it to meet up to those standards.) And the sheer volume of Iron Ore is confusing too. In a minimal run I was able to pick up 40 peices without trying.
Still, overall it was a nice adventure, though I ended up with several large piles of magic items I had to keep coming back for ;P and it gave me a good long while to understand the..peculiar nature of Feather's functionality. It doesnt come into play much until you're carting around 800+ pounds of stuff over and over again.