This week I ran across
Night Terror and twice I got the epic
Cowl of the Dead. This drop appears to be only worth the 1.6 gold you get for selling it to Bildrath. Unless you really like the appearance of the item then it can be added to your library.
If anyone knows of another use, I would love to hear about it. But we can't even offer this sad item to other players as it is account bound as usual. Maybe you would find my opinion wrong, but I think old content should get updated as time progresses in the game. Maybe Night Terror should drop a choice box with a variety of account bound items? They could consider removing the BoA so players can trade and sell it to others in need at the very least.