I assume from EM's comment that this a warhammer unit with warhammer stats and warhammer considerations regarding functions and abilities. But where is the fun? Where is second dimension? I am sure some guys could use it, but there is no story, no detail regarding the nature of its power and no hook that makes it any scarier or cooler than its stats and abilities.
Oh those middle east boys and their harems, when will they learn that female sexuality is really dangerous and women should use less magical thicker vei......never mind.
Could this go in the fantasy fabric codex? I wonder if really focused and esoteric items should be packaged more as plots than stand alone items? This seems more like a kick off for an unpleasent or uncomfortable situation then an item that can be used or manipulated closely. What if a dude wore it or a Gorgon? Maybe a Gorgon could use this to hit some social events.
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This one has a classic feel to it, and the lore at the end was a nice Fire and Ice themed gaming entry (http://www.imdb.com/title/tt0085542/). I am not suggesting it was based on this, just reminded me of it.
However since the main body doesn't have a clear narrator it moves a lot towards a list of system stats and game mechanics. Which isn't bad, but it didn't fill me with the same excitement it did others.
I agree with Dossta you get a good view of the characters surface, but there is not enough of the deeper stuff. You learn nothing intimate about the character that makes you think you know that guy any better than the guy standing next to him. I think if you are writing this for a player the character has to have tinge of personality. We get that he is arrogant, distant and emotionally dissconnected, but is there something more to him. I am sure you had some other details in mind about this guy aside from his favorite colors.
As a list the idea comes across as silly, obvious and heavy handed. The word play and alliteration are cute. Yet I still think this could be a useful addition to a GM binder, unless the players are presented with a catalogue of colourful weapons the nature of these items would become apparent over time, and thus imbued with more subtlety. But again you may have silly or magic heavy campaigns or more "classic" juvenile games in which each players carrys a pallet of legendary weapons with titles such as knasty knife or leacherous lance.