Ultraman

I think one of the awesomest powers / items to have would be Hayata's Beta capsule that allows him to turn into Ultraman, the hero of the Japanese Kaiju show (the original one is my favorite). If you haven't seen the show, it's about a group called Science Patrol that deal with mosters and stuff, and one of them (Hayata) can turn into a giant extraterrestrial hero called Ultraman (if you haven't seen it, you should).