Known Issues: Updated August 6, 2015

Yeah, just a minor text issue. Text should be amended to "This item does absolutely nothing."

Edit: actually not, just tested it, and it still works as it did: it picks up other people's items about 15 seconds before they are due to disappear. So yeah, just change "30 seconds" to "165 seconds" and all is well.
This is true for both party and non-party drops. The difference is that you can see the party drops before that point in time, whereas strangers' drops only become visible at that point. But when they do become visible, the pet picks them up.

Yes that's true. but "all is well" it is not. 15 seconds just not enough time to get it all when you're in a party killing huge amounts of monsters at once, which in turn drop multiple items per monster.