- Truesilver Shafted Arrow
- Binds when picked up
- Item Level 1
- Use: Teaches you how to summon this companion.
- 1 Charges
Peddlefeet
The Truesilver Shafted Arrow item teaches the character the skill to summon and dismiss Peddlefeet, a winged, flying goblin companion. Though armed with a bow, Peddlefeet is a non-combat companion and will not aid you in battle.
Source
Truesilver Shafted Arrow is one of several possible items that are inside 
[Pledge of Adoration] or [Gift of Adoration] given out by city guards and citizens during the Love is in the Air event. The drop rate for this item is around 1%; it is the rarest Love is in the Air "Adored" prize.
A 1% drop rate typically does not make an item truly rare in WoW; what makes the Truesilver Shafted Arrow rare is the 1% drop rate combined with the once per hour maximum attempts per character (as of 2008, the adored debuff wears off in real-time, not game-time) and the limited duration (6 days in 2009) of the event. Note that even if you try every possible time to get this item, the odds are far from certain - somewhere around 1/5 to 1/3 (depending on how many days the event runs that year; 1/4 in 2009) of the characters that stick to this grueling schedule would still fail to turn up a Truesilver Shafted Arrow in any given year. A more conservative figure of 40 "Adored" gifts (which is still a lot) gives about 1/3 chance of getting a Truesilver Shafted Arrow for that character.
In past years it was possible to check the container's contents and mail these to alts or sell them directly (not through the Auction House); that is no longer possible, so each character must farm their own. As of 2008, the adored debuff wears off in real-time, not game-time. This greatly eases the burden of online play time to be able to pick up additional gifts. It is especially beneficial for those who have multiple characters, as they can farm a gift on one character and move on to the next. Doing that, you'll have much better odds of getting this companion for some characters, although perhaps not the ones you wanted to get it for.
If you get a Truesilver Shafted Arrow, be sure to loot it out of the container. The "Adored" gift boxes all have a duration and will expire; it would be a shame to loose a Truesilver Shafted Arrow for failing to extract it.
Use
Using the item teaches you the skill to summon and dismiss the Peddlefeet companion at will. The item is consumed when used.
Achievements
Getting this item is required for the 
[Perma-Peddle] achievement. (no longer a meta-achievement requirement of 
[Fool For Love])
Using this item to learn the skill counts toward all of the companion count achievements.
Notes
Peddlefeet uses the same winged male goblin model as the Kwee Q. Peddlefeet NPC, but is roughly only half as tall; so he's not actually goblin sized. Peddlefeet hovers as do all flying companions. He looks like he would be capable of walking, but this companion never lands; the goblin animations for walking are not applied.
Peddlefeet can also be spawned as a companion on another player's character using the [Silver Shafted Arrow], a much more common "Adored" prize item.
Left-clicking on Peddlefeet causes him to say the standard goblin phrases, such as Yo!, Wazzup!, Keep it real!, and Time is money, friend!.
The unusual circumstance of gaining a second or more Truesilver Shafted Arrows on the same character is not beneficial. Once you've learned the skill, the item has no further use; and the item has no sell price to vendors. As such it can only be kept as clutter or destroyed.