Ender Pearl

The Ender Pearl is a new item in the 1.8 update and is sometimes dropped by Endermen upon death. Currently this item has no use yet. These pearls can be commonly found in bodies of water "naturally" as Endermen will occasionally walk into water and die there from water damage.

Future Use
In future versions of Minecraft it will be possible to throw the enderpearl in order to teleport to the impact location. However teleporting with ender pearls will only work in survival and hardcore mode and will result in 5 falling damage.

Player-invented uses
There is a possibility that Ender Pearls could be used as currency in an economic multiplayer server, much as Slimeballs were used before the 1.7 update. Technically, this use would create an inflation of currency if Endermen were to be allowed to spawn naturally in the server.