I think it has a chance of having the rideword-like effect, or the opposite where it takes away so much of your hp/sp. Unless of course I'm reading that wrong, which I might be since it's worded kinda funny.
Its tricky, but basically you will either lose HP/SP or gain HP/SP when dealing or receiving physical damage so the headgear in itself can be a savior or a risk factor when it comes to equipping it. It definitely does remind me of Halloween as it has a Trick or a Treat type of effect.
where is this announced?
Halloween Quest launches today!