Ender Pearl

The Ender Pearl is a new item in the 1.8 update and is sometimes dropped by endermen upon death. 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.

Use
Ender pearls currently have no use.

After Minecraft version 1.9 is released, it will be possible to throw an ender pearl by right clicking in order to teleport to its impact location. However, teleporting with ender pearls will not work in Creative Mode and will result in falling damage. Upon teleporting, the player is briefly surrounded by the same particles generated by Endermen.

Crafting
The placement of the Blaze Powder and Ender Pearl doesn't matter as long as they are both in the crafting grid

Bugs

 * On a Beta 1.9 Pre-release 2 server, using an Ender Pearl to teleport will result in being kicked from the server for "hacking." This is due to a check triggering that was supposed to prevent modified clients from moving too quickly. This was fixed in Pre-release 3.