Update 5 is just the place for nerfs, now isn't it. Both the Mysterious Bauble and the Epic Spell Storing Ring have been reduced to clickies of Greater Mnemonic Enhancement (55-300sp) instead of Major Mnemonic Enhancement (105-500sp?). The Epic Spell Storing Ring I can sort of see why. It gives (on live) about 300sp per use for a total of 900sp. That is a LOT of extra sp. It could be potentially overpowering. The reduction to Greater Mnemonic Enhancement still lets you get ~525sp from the ring, which is still useful and still good enough to consider and Epic item. It lets you get away without using a mana potion in many situations when you might otherwise have had to.
The Mysterious Bauble, however, is a different matter. Why has it been nerfed as well? I don't know what the resoning is behind this and I don't like it.
The mysterious bauble among a few very nice items that really aided mages and healers in a game where spell points are an extremely limited resource. Yes, it was good, but there was really nothing broken about it. If you couldn't get the job done with the mana you had, it's unlikely another 300 or so would make the difference. However, sometimes it did. Occasionally, casters would need a bit of extra mana to finish nuking the end boss, or healers would be able to keep the melees up for just long enough on that extra bit for a win.
300sp gives healers enough juice to throw about 5-6 mass heals, which can keep a good party going for another minute or more. In quests with these good parties, the high amount of DPS means raids last 10-15 minutes and quest end-fights only last 2-3. Another minute can make a fair difference and prevent mana potion drinking in most solid groups. In less solid ones, where more frequent healing and thus mass cures are needed, 300sp provides about enough mana for 4 mass cures. Assuming one is substituted for a mass heal, you're still probably only going to keep the party up for another 20-30 seconds. And in a poor group, that won't cut it. Thus the extra 300sp is good but not overpowered--it can be very nice when use in conjunction with a good group, but it alone will never mean the difference between victory and defeat.
For all the rest of the cases where it saw use, it essentially meant one less potion that a strained cleric or caster needed to drink to bring a quest to completion. Chugging mana pots is no fun for anyone. Gaining about 175 mana instead of 300 is going to mean you have to drink an extra potion in many quests. No one wants to do this; spending pots tends to take all the fun out of a quest instantly due to the immense drain their use represents on the resources of a caster or healer.
Thanks to the Mysterious Bauble, I have been able to have more fun on more quests where the drinking of mana potions is reduced/unnecessary because of it. In addition, I have been able to join more groups and pugs that I would not normally consider thanks to having it as a backup/buffer between me and needing to drink mana pots. Without its full effect, I will no doubt be much more hesitant to heal pugs and join groups. It will be one less item that I am enthusiastic to grind for. In effect, I truly believe that the change will take much of the usefulness out of the item and a significant amount of fun out of the game.
Further, consider the balance between the Mysterious Bauble and the Epic Ring of Spell Storing. Currently, at giving about 300sp per use, I have found the Mysterious Bauble to be useful but not overpowered. I can see that the current live version of the Epic Spell Storing Ring might be a different matter at giving ~900sp. Under this situation, players who are not the best of the best and not quite up to Epic can get a nice, useful item. However, players who can grind out the Epic Spell Storing Ring stand to gain immense, possibly broken, power.
In the next update, the Epic Ring of Spell Storing will still be useful, giving ~525sp. This will be a powerful item and worthy of Epic loot, but a lot less potentially broken. However, the Mysterious Bauble will now give ~175sp. This is barely enough for three mass heals and only two mass cures, doing little more than keeping a party alive for 30-40 seconds. Almost any healer that needs to use it will be unable to avoid using mana pots. Casters are in a similar boat, gaining only about 3 spells from it. The chances that you can do what it takes with only three more spells are very low for either case. Players will almost never find it serving at its current best--when it makes a quest immensely more fun by preventing the need to use mana pots. Instead it will become a mere prelude to drinking mana pots.
The result will be that Epic players can get a great item that makes their quests significantly more fun while non-epic players are left out, being given a second-rate item that will rarely do much good.
Now consider a third option--change only the Epic Spell Storing Ring and not the Mysterious Bauble. Now the Epic Spell Storing Ring would give ~525sp. This is enough for 8-9 mass heals and could be very nice for well-built groups. It is still useful. It is powerful and worthy of Epic. On the other hand, the Mysterious Bauble still gives ~300sp. This allows a good group to get another minute or so worth of healing and lets their healer have much more fun by not needing to use mana pots. Finally, for those with both items (probably most epic players), the combination only gives 125sp more than nerfing both items--not enough to cause worry about breaking anything.
The result of changing only the Epic Spell Storing Ring and not the Mysterious Bauble is that Epic players still have a powerful (but balanced) item at their disposal while non-epic players get a nice item that helps them out and can keep decently good groups a lot more fun.