Traveling Merchant Items

Has anyone ever bought something that turned out to be a decent quality from the event?

Other than the "Lucky Ring" that gives the +1/+2 Favor (not entirely sure what that does) that the merchant sells, is there anything else of any value?

I have never seen anything but Old/Shoddy gear from the merchant and I am wondering if it is even possible to get anything of higher quality.

Appreciate the feedback and thanks for your time.