How good are these in game play?

I haven't used one in 5E but darn, they look awesome. The Fochlucan Bandore allows the owner to cast eight (8) spells a day! One third level (FLy), two second level (levitate and invisibility), four firsts (entangle, protection from evil, faerie fire and speak with animals) and a cantrip (shillelagh); that's like instantly becoming a 5th level catser! All this for an uncommon item? Is it seriously mispriced or am I over reacting.

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