Jhudoras Bewitched Ring is unequitable when you pound your pet. It goes straight to your inventory. My friend pounded his pet less then 2 days ago and forgot he had the JBRing on him and he found it in his inventory. So, yeah.

But usually you would equip it to a pet that would be too stat-ful to want to risk pounding =P
But the risk may be worth the 10 million

The only way I could see this being beneficial is if you have two battle pets, with one perhaps being a lab rat...and you just don't really care about them much.
It's definetly cool that you don't just lose 10m or so when you lose the pet, but if you can afford said Ring, would you want to lose said Pet?