Ring of Chameleon Power and hiding

[Hayato Ken]

So, ring of chameleon power gives you this:

Ring of Chameleon Power wrote:

As a free action, the wearer of this ring can gain the ability to magically blend in with the surroundings. This provides a +10 competence bonus on her Stealth checks. As a standard action, she can also use the spell disguise self as often as she wants.

What´s this supposed to mean?

Can i go stealth with this ring when observed or without the normal conditions for stealth met?
The high price meets the two +10 boni you get from it, but the wording could make you think of more, just as the price is high.

It would be nice for rogues to save one or two talents and also for ninja´s to save ki points, so you can choose and do other desperately needed stuff.

[Klebert L. Hall]

Hayato Ken wrote:

What´s this supposed to mean?
Can i go stealth with this ring when observed or without the normal conditions for stealth met?

No.

It means exactly what it says - you get a +10 to Stealth, and can cast Disguise Self.
-Kle.

[El Bobda]

Think of the ring as making you translucent, or see-through. If someone doesn't know your there it makes you harder to detect, but if they are looking right at you you're still not disappearing.