Name: Ruby Drape of the Mysticant
Type: Epic Cloak
- +22 Stamina, +21 Intellect
- Improves spell hit rating by 18 (hot for a cloak)
- +30 spell damage and healing, which is even hotter, especially for an item from Karazhan. There are better caster cloaks in the game, but they're all from higher level raids, so get this one and you'll be set for a while.
But the good news is that once you get it, you're pretty much set-- there are sidegrades coming up, but there's really nothing that matches up to it until you hit Kael'thas.
Getting Rid of It: Disenchants into a Void Crystal, and sells to vendors for 3g 71s 96c.