Before this turns into a rant on bag space, let me get right down to it: Falling Flame is just awesome. It's one of the many new vanity items available on the Timeless Isle.
Let's start out with the easy to get ones. Rime of the Time-Lost Mariner is a guaranteed drop the first time you kill Dread Ship Vazuvius, and Cursed Swabby Helmet is a guaranteed drop the first time you open the Sunken Treasure, which is one of the weekly chests under water. You need to kill the Hozen around the sunken ship to get the key.
The previously mentioned Falling Flame is a very rare drop from Cinderfall, aka the NPC with the highest player kill count on the Timeless Isle. Ordos is already engaged and you can't get inside? No problem! I can't tell you the number of times I have used it to quickly launch myself across the island to tag a rare, or just to pull off the "I must go, my people need me" joke, which never seems to get old. There are four items that can change the weather in a small area for 10 minutes, and it's visible to everyone. The Rain Stone from Zesqua, Blizzard Stone from Blazebound Chanters, Sunset Stone from Urdur the Cauterizer, and the Ashen Stone from Watcher Osu. If you've ever seen it snowing at Huolon's spawn point, like in the image below, now you know why.
There are about a dozen new pet drops on the island such as the Skunky Alemental and Ruby Droplet. You can see the full list in the achievement. Last but not least, there's the Reins of the Thundering Onyx Cloud Serpent from Huolon. How many kills are you up to, or have you lost count?