The casting time is what makes this item a novelty item IMO, it quickly becomes more of a hassle than its worth - much more efficient to just pull normally. It is a niche item with limited usefulness.
The *only* thing I can see this item being useful for, and don't get me wrong its a very useful thing, is for a monk to split pull a room of casters. LoS yourself, eye, then FD before they come around the corner, sneak tag. This can be done w/o the eye pretty easily, but this makes it a piece of cake. So definitely useful in small group situations without a enchanter. ToV is another example of a good place to use the eye since the mobs hit so hard and there can be long pulls, but even then we usually use a team of monks.
I bought a Singing Steel Helmet for 500pp on my Bard...that's about what I think of Elder Beads should be worth.
The cast time is what kills the beads, its like 10s cast, and lasts for like 20s - situationally useful at best, and only for monks IMO.
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