Very neat item, but at 4.000 players would use it, at 40.000 it's a sure sell.
As someone else said, Control wind scrolls.
Price is a major factor for wonderous items, which makes so many items converted directly from 3.5 close to useless.
In 3.5 they figured it out, and made the Magic Item Compendium, with more reasonably priced items. Some people would actually use, instead of just +X to stat item.