Usually, a light source. However, with the release of the Adventurer's Armory, we've come to realize the utility of the skeleton key. Finally, a party with a serious lack of rogue can invade a standard dungeon without breaking down the damn door.
second this as the game does not discuss it as a device of protection, yes it can be a weapon but also can be used to keep animals at bay and even cause fear. It's shear power to catch things on fire, set off traps, is underated. Other light sources do not offer this.
Recently, it seems to be outfits. My recent characters want to have a change of clothes while adventuring, along with outfits for special occasions. As for magic items, the lowly Wand of Prestidigitation has become a favorite.