Just how limiting is an arcane bonded object?

[Meredith Nerissa]

Arcane Bond wrote:

...a bonded object is an item a wizard can use to cast additional spells or to serve as a magical item. Once a wizard makes this choice, it is permanent and cannot be changed.

My GM says that I can get the once per day free spell OR what amounts to a (future) free magic item because that's what the rules say here, but I'm not so sure. Is he right?

[Alcomus]

Not per the rules. There is no "or" statement in the arcane bond section. Essentially, you get the free spell, and when you get the right crafting feat, an ultimately powerful magic item. By ultimately, I mean you ultimately have the power to make it awesome. If your GM doesn't like that idea, I would stick with a familiar, pick up improved at 7th level, and see how he likes your new pet imp. The only downside is the whole selling your soul thing, but really, who uses those anyways?

[StabbittyDoom]

It is my understanding that you get both.

It's worth nothing that it's not a "free" magic item. You still have to pay crafting costs and spend the time to add properties to it, you just get to pretend you have the feat (and even then, only if you meet the pre-requisites). In fact, if you get really hosed due to being overly ambitious and making a bad roll, you could theoretically accidentally curse your bonded object (woops!)

In addition, if you have a magical bonded item and die, that item loses all magical properties permanently (including the ones that were already there before bonding, if any).

[Ganymede425]

The permanent, unchanging choice mentioned here is the choice between an arcane bond or a familiar.

The full quote, which shows the proper context, is as follows.

"At 1st level, wizards form a powerful bond with an object or a creature. This bond can take one of two forms: a familiar or a bonded object. A familiar is a magical pet that enhances the wizard's skills and senses and can aid him in magic, while a bonded object is an item a wizard can use to cast additional spells or to serve as a magical item. Once a wizard makes this choice, it is permanent and cannot be changed."

[Darkwolf117]

I think most relevant is the text that actually talks about Bonded objects. The fact that in its quick summary of what it can do it happens to say 'or' doesn't matter that much.

What's more important is the fact that it then goes on to say you can 'blah blah blah, do this and that, etc...' with it.

There's nothing in the descriptions of bonded items that suggest it's an either/or type of deal and that's the part to be paying attention to when looking for rules on how it works, rather than the quick overview of the two choices that Ganymede pointed out, which is just to give a short description of those (familiar or item). So, in dealing just with the item, it has everything it says it has in its own, following, paragraphs.