A lot of items in this game can save your skin if all else fails. Recently a Phase Spider Blood (with a charge of instant invis) saved me on a train out - got spotted and had to run past a lot of mobs...so started running, then used the invis so that no others would add. This item is also instant casting, which means you can be running from a mob and cast it While Running.
Orb of Forgotten Memories CAN save your day. Set a bag aside full of items like this. One day you will find yourself in deep poo. You'll open this bag of mystical odour-eaters, and come out smelling of roses.
However does anyone know if the range on this is the same as the spell version? And also if it can be clicked from inventory by anyone?