http://www.d20pfsrd.com/magic-items/wondrous-items/wondrous-items/h-l/headb and-of-the-wolf
A player can use this, sees someone going invisible and just run around the room until the invisible person is within 5ft? No "move action" required to determine direction.
I understand there is miss chances, but things like blindfight, seeking enchant, and other such negate that.