World Event: Darkmoon FaireQuest: Broken Promises
Taking a look at the spell that is cast by the item, Ring of Broken Promises seems to be a character model transformation that lasts for 15 minutes. See Erinys (a really cool looking fel blood elf) in the 3D Model Viewer.
The ring is a reward of the Darkmoon Fair-related quest, Broken Promises. Ring of Promises is acquired by killing and looting a level 100 elite named Erinys. She is located on Darkmoon Island in the Cavern of Lament underneath the sunken ship (entrance - 74, 38), which is on the northeast-ish side of the island. Accept the quest and turn it in to Chester. He is selling costumes near Sayge.
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