Yup, it's used for the new imbue recipes. Alchies can refine it into extracts. That extract can then be used to imbue weapons, armor,jewelry and dolls.
Glowing can imbue tier2, sparkling can imbue tier 3, glimmering can imbue tier 4, and luminous can imbue tier 5.
I have been working on the tier 4, as a conjuror, and have an imbued oak wand (10int, 26 power, clicky nuke for ~250), 2 chaos imbued hex dolls ( 11int each, mr debuff clicky). Still working on getting my rings, ears, etc of intelligence!
Chest pieces once imbued will have a heal proc, and legs once imbued give a dmg proc. Bows have a nice dmg proc, as do many weapons.
Note : the clickies have around an 8 second casting time. But fits in quite nicely between my dots :)
Edited, Fri Mar 25 20:36:05 2005 by Firespring