Watch of Flowing Time (Equivalent Exchange)

The Watch of Flowing Time is a nifty item. It works passively from any space in your hot bar, but not from within your inventory.
While holding the Watch of Flowing Time, press "V" to charge it. Its effect is based on how much it is charged.
While charged and in your hot bar, the Watch of Flowing Time causes all mobs to slow down. It also stops the horizontal movement of items, although this is presumably a bug or unintended side-effect.
While holding the Watch of Flowing Time, you can press "G" to toggle it. The Watch will turn black, and time will speed up; devices such as aggregators and furnaces will run faster and the night-and-day cycle will speed up considerably . This consumes glowstone dust at a swift rate. Pressing "G" again while holding the watch, or running out of acceptable fuel, will cause the watch to switch back. The rate of acceleration is about eight times regular speed at maximum charge.