I think this is a brilliant item - a wonderful take on a portable extradimensional space.
An elaboration on the enchanted furniture would be a sentiant construct or more, that were responsible for maintaining order. These would be named and have real personalities, and get annoyed when the staff was signifcantly disrupted.
I would reduce the impact of using it as a walking stick as otherwise the constructs would go batty :)
Now, if the mage happend to take a tumble from a horse, or had to use it in combat, he would fret about having to deal with his annoyed servants.
Brilliant! I would love to see a quest where a party of newbies is convinced to become partners in this sort of "business venture." Their sponsor gives them a sample of the *very expensive* chalk, talks up the potential market value of the product, and strokes their egos a little. He then has them sign a contract as harvesters, and gives them vague directions to the nearest source. When they arrive, their contact in the area explains exactly what they are supposed to do. . . and reminds them of the severance agreement in the contract they signed if they refuse to go through with collecting these things.
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I think this shows promise, but as others have already said, it seems a bit short for true usability. I like the demonic shadow, and would love to see more detail for it as well (after all, it's inevitable that it be encountered when visiting realm).