However, I thought that the other question in the thread, the one about whether it works for people who are not exalted, was an excellent one. And since my Shaman is not actually exalted yet, I figured I'd get some hands-on experience and find out for you, dear readers, whether the Violet Eye would exchange your ring at a level below exalted. So, as you can see in the shot above, I destroyed my revered ring (I am not kidding-- I really did), and asked the quest giver for another one.
Unfortunately, the bad news is that it does not work. I didn't actually get another ring. And apparently I'll have to work up to exalted to get my ring back. The things I do for you, my readers. The things I do.