Spathi's Ring of Elusion

Full Item Description
The Ring of Elusion is a simple ring, a band of gold with five seemingly random colored stones set in a seemingly chaotic order around a central ruby. The faint magical aura that it projects seems to be five feet to the left of the ring, under most attempts to assense it.

History
A carefully crafted ring, the seeming chaos of the set gems was utilized to help Spathi, the crafting mage, build in the properties he desired to the ring. For, you see, Spathi was a terrible, terrible coward, utterly refusing to stand his ground and make battle, yet he often found himself in untenable situations, where he was forced to, horror of horrors, adventure. And he hated every moment of it, but the fights the most. And so, he created the ring so that he could run away during battle, and yet keep the bloody barbarian's mouth shut about not contributing to the fight. Of course he didn't try to help, he was too busy NOT DYING. Sheesh. Stupid muscle headed barbarians.

Magic/Cursed Properties

Spathi's Ring of Elusion grants three abilities to the wearer. First, at any time that he is wearing it, his run speed is approximately doubled. This changes in direct response to the bravery displayed by the wearer - The ring will slow the wearer down as he attempts to run into danger, but speed him up as he runs away from it. The more he runs away from danger, the faster he will run. Notably, the wearer will generally run fastest when fleeing from threats that no-one else can perceive.

Second, once per day, the Ring of Elusion can cast a partial displacement spell - The casters limbs and head will be seen as somewhere other than where they actually are, regardless of whether or not this actually makes sense. He will be seen as a confusing, chaotic jumbled mass, and gain a bonus to dodging while in this state.

Finally, as many times as the character would be able to cast the spell if standing his ground, he may choose instead to fire a magic missile or equivalent spell while in full retreat. This spell is emitted visually from his posterior, with an audible sound as if the caster had passed wind. Non-magic users or magic users with little power may use the ring to power this effect up to three times per day, firing only one projectile each.

Acknowledgements:
Thank you, Toys for Bob, for the Spathi.