In Warlords of Draenor, this item will be added to the new Toy Box feature and no longer take up a bag slot. You will be able to "use" the item straight from the Toy Box interface.
The Toy Box will be account-wide and therefore so will this item.
Worth getting for the graphics alone, I've attached a screenshot of how it looks on my Worgen Mage. The use effect itself may not be all around useful since most underwater quests usually buff you now, but it's nice when they don't or for exploring. And again, the grapic effect :)
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