For 9 bloody years this thing has been taunting me, taking up a bank slot, and knowing that I'll never dare to use it.

The item itself is pretty useless in most situations.

It's not necessary for questing since you can solo virtually all of those fine, including the group ones, and it's not useful for soloing raids since virtually any boss that would require such an item will likely take longer than 10 seconds to kill.

The only scenario I see it useful for is in pvp, either Rated BGs or Arenas, and only if you have a high enough rating whereupon losing would set you back a fair way.

That's assuming it even works in Arena. If it doesn't it's a simple waste of bank space.