try opening ur stat menu and invetnory and see if adds to stats or skills if not it might do soemthing lik a%of xp gained or something or maybe try takeing it to the hell fordgee (which will more than liekly do nothing)maybe it make boss drops better there are soo many possabilities that it can do which it most liekely does nothing
I've got 4 of them now. They do nothing, as far as stats and skills. My personal feelings towards it are that considering its a Standard, which is a type of flag, almost like a war flag. I feel that it lets you into a certain area. Perhaps a dueling arena, or something that no one knows about or Blizz hasn't implemented yet. This also would explain the lvl90 req. Thats just my speculation though.