Ender Pearl

The Ender Pearl is a new item in the 1.8 update and is sometimes dropped by Enderman upon death. All of the uses of the Ender Pearl are currently unknown.

Speculation
The Ender Pearl does not...
 * Allow the player to punch mobs from a distance (that is a feature of Creative Mode).
 * Teleport Endermen (that is their nature).
 * Keep them from becoming aggressive.

Trivia

 * A good way to find ender pearls is to look in bodies of water where endermen have died (water exposure).