This hat is probably the most hideous thing I've ever seen. It makes your hair go away. It spins, sparks, and twinkles. It's so ugly that it almost takes you out of stealth if you haven't taken talents to prevent it.
I think this was an early experiment that Blizzard conducted to see just how far players would go for stats and abilities. Outland was the second stage of that experiment. The answer, it turns out, is pretty damned far.
Night protect me, I'm almost there.