So among my full to bursting bags on all of my characters, one thing the high level ones pretty much all have is the Skyguard Drape (or the caster equivalent thereof). Even my Death Knight has enough skyguard reputation to have one. I figure if I ever I have some need to fall from a great height, I can just strap it on real quick and jump, and it will always be there just in case the opportune moment arrives.
But here's the problem: I have never needed to use it. Not even once.
Yeah, I mean, in theory, it's useful. But in practice, not so much. In Northrend and Outland, I don't really need a right click slow fall to jump from high places, I can just fly my mount down. If I accidentally fall off my mount or a high place for some reason, the cape has to get through usual 30 second "I just equipped this" cooldown, so even if I equipped it right away, I'd be a pancake before I could use it. In theory, it would be useful if I equipped it ahead of time while flying, but all of my flight capable characters have epic flight and can easily outfly or otherwise dodge anything that's a real threat, so chances are I wouldn't need in that case either.
Plus, it's sort of ugly. So that's another minus.
What about you? Is there an item in your bags that you keep because it really might be useful one day? Has it ever proven you right, or does it sit there waiting for just the right time to be whipped out?