Philosopher's Stone

The Philosopher's Stone has several features and is the base at which an Aspiring Alchemist starts. Many young Alchemist think that creating the Philosopher's Stone is the culmination of the Art of Alchemy. How wrong they are, it is merely the beginning opening the door to the Transmutation Tablet.

Realtime Transmutation
The Philospher's Stone not only gives you the power to change a handful of items into others, but it can also transform the very environment around you! Right Clicking will transmute certain blocks to others, Shift + Right Click will change a block as well:

This effect costs no Fuel. Transmuting large areas at once can incur a cooldown on the effect.

Pressing "R" will fire a Projectile outwards, if it hits a mob it will transform them into another random mob of that disposition, Peaceful or Aggressive. This effect costs 1 glowstone dust. Mobs added by other mods will turn into a slime or sheep randomly regardless of that mobs disposition.

Pressing "C" will open a Crafting Table. Be forewarned due to some changes by Mojang the philosopher stone will jump out of your table into your inventory or worse.