The Ender Pearl is an item in the 1.8 update, and it is found in the leaked 1.8 pre-release.
The Ender Pearl is sometimes dropped by Endermen upon death.
The Ender Pearl can be used to make Endermen teleport away from you when right-clicking on them while holding the Ender Pearl in any game mode.
Video of Ender Pearl in action: Video
Bugs
In survival mode, when an Ender Pearl is thrown into lava, a dead Enderman will appear in the spot where you dropped it. The Enderman will disappear when the game is restarted.
Gallery
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An Ender Pearl
An Ender Pearl in 1.8
