I've discovered another reason to raise your reputation with the Order of the Cloud Serpent. Not only will you be eligible to capture a Wild Crimson Hatchling, Wild Golden Hatchling, and Wild Jade Hatchling (at exalted), you'll be able to purchase a Cloud Ring at revered.
I haven't actually tested this item out yet, but much like the fetch ball, it sounds like a fun vanity item for your pets! Just imagine one of your flying companions jumping through a hoop; you could put on your own little pet show. :)
If it's not for mini-pets and it's for hunter pets instead, I'll be disappointed. :( Still sounds like a neat vanity item, though.
Anyway, be sure to start working on that Order of the Cloud serpent reputation as soon as you hit 90! And oh, yea, there's something about a serpent flying mount too..? lol :P