This item summons an Argent Squire which can carry the banner for any faction that the player has earned the right to Champion. When becoming champion of all races, you will be able to buy a mini horse for the squire, which will reward you with an achievement, and which will enable your squire to go to the shop, mailbox, or the bank for you, with a 4 hour cooldown. Handy for when you're in a dungeon and need materials for spells, or if you forgot that quest item in the bank. Remember when he returns he needs 4 hours of rest before he can go shopping again.
The design for the squire, including an overstuffed backpack and a banner, may be an homage to the squires in the popular movie "Monty Python and the Holy Grail."