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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When I put it on in the tower it stayed till I went to orbit. Last I had looked it was over 45 mins. So it might last longer in the tower.