It's a scorched leather breastplate. +10, 16 pounds, permanent moderate impact resistance, temporary (currently with an incredible amount of uses) exceptional damage padding.
As suggested in the appraisal folder, it'd be good enchanting fodder when the padding eventually wears off.
MB: 100k
Sold to the Shamurai for 1.5 million
EDIT: also, I'm annoyed that you can't sell stuff like this for the max the pawn will offer via SELL CONFIRM or something like that.
EDIT2: Ok, so I'm not annoyed about not being able to sell this one anymore. As a concept though, I think it might still be nice...