This item was removed upon the 2011 revamp of the http://www.wowdb.com/world-events/423-love-is-in-the-air annual world event. It was used to remove the Heartbroken debuff on another player so they would not need to wait an hour before being able to give a Love Token to an NPC again. The latter would receive Friendship Bracelet in their inventory.
I'm happy to say that I still have four of these in my priest alt's bank. =)