Li Shenron
Legend
KarinsDad said:DM: "The identified item is a +4 Cloak of Charisma."
PC Wizard: "Ok Paladin, it's your cloak since it will help you most."
PC Paladin: "No, no, no, I don't want it. I'd rather have the Cleric cast Eagle's Splendor on me 5 times a day and take my share in more useful magic items."
PC Cleric: "Great.<grumble>"
If a Cleric decides to prepare 5 Eagle's Splendor to help the Paladin, he's spending a lot of spell slots which he can't use for something else.
This group has to choose if it's best for them to give the cloak to the Paladin and save those 5 spells, or give it to someone else and ask the Cleric prepate more ES. If you play that ES is useful only once, there is no reason for the second choice.
I'm just saying that I prefer to give the party one more tactical choice. Since the RAW are NOT clear in this case, I'd run against the grain and allow the multiple benefits. It won't seriously change the game in favor of the PC, and probably very few groups would choose this option anyway, but e.g. it may give a tiny extra reason for others (Wiz/Sor) to learn this spell.