Like the ol' Orb of Deception, here's another fun toy -- that's brand new in patch 2.4.

Name: Orb of the Sin'dorei (Wowhead, Thottbot, WowDB)
Type: Rare Item
Damage/Speed: N/A
Abilities:

• On use, transforms the user into a Blood Elf. Lasts for five minutes with a 30 minute cooldown between uses.
• Also drops on shapeshift of any kind.
• One of the cool things about this trinket is that it keeps your equipment looking the same. Always wanted to see what a Blood Elf warrior looks like (since they don't exist in game)? Use this on your tank, and how they might appear.
• Unfortunately, there is a catch: if you use this item on your Blood Elf, they won't change at all.
• Lore note: "Sin'dorei" actually means "Children of the Blood" in Thalassian. Before the High Elves got all corrupted, they were the quel'dorei ("Children of Noble Birth") and then they split into the BEs and the Night Elves (who are also known as the kal'dorei -- "Children of the Stars"). Unfortunately, there still isn't a perlman'dorei in Azeroth (though that, of course, would be the "City of Lost Children").
  
• Yeah, this orb thingy is kind of silly, but Blood Elves are, as the kids say, pretty hawt. Who wouldn't want to be one?

How to Get It: Drops from any of the bosses in Magisters' Terrace, but on Heroic Mode only. The drop rate is pretty low (about 1-2% per boss, but considering that you get a chance for it to drop every time you down a boss, this is actually a relatively common drop -- definitely moreso than, say, the Baron's mount).

And don't forget that to get into MrT Heroic, you've got to finish the quest to kill Kael first. Get that done, get Heroic Countenance, head on into Heroic MrT, and down bosses until you see this pop up.

Getting Rid of It: Sells to vendors for 46s 18c, and disenchants into an Arcane Dust, Lesser Planar Essence, or (very rarely) a Large Prismatic Shard. But I'd keep it if I was you -- you never know when you want someone's girlfriend to wish you were "hot... like... me."