Ornate Velium Pendant usefulness (iksar monk and in general)

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I was just wondering what the general benefits are of having an ornate velium pendant.

The most beneficial one I've heard so far for me is that it would make getting through Siren's Grotto to Western Waste less risky. How much truth is there to this?

Also, what are some of the other benefits to it?

Now, a side note, the only classes I really play are an Iksar Monk (who doesn't care much about faction in general except for Coldain Dwarves atm) and an Enchanter (so he obviously wouldn't need the pendant).