Let's discuss this thing.
What is it, what does it do, how long does it last, is it one time use only, are there any hidden effects?
I'm currently at work and I'm curious.
If all it is is a consumable to change appearance, I think everyone is going to be highly disappointed. It could at least make rare or higher engrams drop more often, give a 4x multiplier to glimmer gains, increase chest rewards or give max stats (100%) to the player using it.
EDIT:
What we know so far -
1. 30 min consumable, from postmaster. Stack of 3. Just one.
2. Strange sounds can be heard while wearing it.
3. Pumpkinhead Does not work for everyone (glitchy)
4. Jackolyte sometimes drops from Hive enemies.
5. It changes your helmet into an acolyte Jackolantern.
6. Having completed the nightfall seems to be part of #3
7. Xur sells an extra item if you visit him after freshly using one. (Flight of shadows, changes respawn animation for 24 hours.)
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No pumpkin head for me or strange sounds. But on the moon if you look at earth instead of it being blacked out it is lit up again. Also played moon strike and only big difference is when I face Phogoth I cannot melee kill the thralls, and the hive are much more aggressive. Nothing cool visually, just a curse for me I guess.