Ring of stealth
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Wearing a ring of stealth improves your stealth by +50, reducing the odds of a sleeping or unaware opponent in your line of sight noticing you.
Desirability
Limited. Stealth-based characters who rely on stabbing attacks would obviously benefit from one of these, as it makes it easier to enter melee range undetected. Other characters can also appreciate the effect; lightly armoured casters might not focus on dexterity and stealth much, but with this ring they might still be able to avoid waking up a sleeping, deadly unique discovered at the edge of their field of vision. Heavily armoured characters likely won't receive any benefit at all (heavy armour stealth penalties will negate most or all of the ring's bonus), and should almost certainly use something else.
In all cases, once your opponents are awake, a ring of stealth accomplishes nothing. Swapping it out for a ring of slaying or something else with an actual combat benefit is advised. Since many players find jewellery swapping annoying, it's uncommon for rings of stealth to see much use at all once alternatives have been found.