This item is currently very useful as a quicker means of reaching inaccessible areas compared to riding a Highwind Albatross. You do this by going far out from the isle until you see the fatigue bar on your screen. Once out there in the waters, use a flying mount and fly as high as needed. Have your Golden Glider ready!
Begin flying forward to give your character some momentum. You can either manually dismount or let the game do it for you, but once your mount is gone -- use your glider! From thereon, it's simply a matter of driving the glider as you gently fall through the air.
Notes: Only works in the Timeless Isle. Do not use in combination with a mount such as Traveler's Tundra Mammoth, or you will lose the buff and have to hope you've got time to apply it again.