This has to be the very best item in the game. It's crazy thinking that Cain had this for free in the original game AND the Luck Foot.
You're missing by far. This is not the best item in the game. Has no effect once Starter Deck is bought, is practically useless with The Lost and there are many, MANY other items that are way better than this. Also, it's hard to determine what the "best" item would be. All of the special items, with the exception of Soy Milk, may be considered the best items in the game. I'd also put Stop Watch up there, along with The Soul.
- I still love this item. If gotten early, it almost ensures a great run with most characters. You can directly raise every stat and max your HP with all the mushrooms that can be bombed. Also, witch Luck Up pills, you increase your chances of getting pills from mushrooms and the slot machine. Often times, runs are completely ruined by taking the chance on using pills so I end up avoiding them. I personally don't like The Soul unless I have something like the Stop Watch, as you said. The unpredictability catches me up.