I find that for sometime now, the familiar's graphic does not appear. I have sent a /bug report over this issue twice over the past year (most recently, about a week ago). So far, no response or change.
I've tried deactivating/reactivating this item multiple times to try to get the 'clockwork helicopter' familiar to appear, but no avail. I get the purple icon showing that the familiar should be physically present, but it never is. I do get the levitation effect, and the green buff icon for the levitation effect as well, so at least that part works with no problem.
And no, I don't have any other pets, mounts, veteran reward vendors, or familiars active when I activate this item. I was curious if anyone else was having the same issue? My guess is, yes.
Lastly, the description of this item seems to leave out the fact that it provides levitation to the character that uses it, as of the time of this writing...it's an extremely useful effect, and the whole point, imo, of purchasing this.
P.S. This item seems to no longer be available for sale in the station cash store at this time.