Recap: No: Can it be slain? Could I go see it on Aradune on launch day next week? Could you swim in it? is it an island Does it move? Can it be equipped? Does something happen if you click on it? Is the NPC that drops this item considered a rare creature? Probably: Is the grass green and the girls pretty? Yes: Can it be placed in your inventory? Is it looted from a dead npc? was it introduced to the game in, or prior to, PoP?
Can it be combined with other items to create something new? (I would ask "is it a tradeskill item?" but there's been some weird changes lately where combinable items had their tradeskill flag removed because it was a no fail combine.)