THESE BOMBS ARE EXTREMELY COOL AND ALSO SOMEWHAT USEFUL! If you have not yet done this quest or turned this quest in, I'd highly suggest keeping it!
I've already heard that this item is useful in tanking as it generates some amount of aggro (tested by pulling mobs that already have aggro on them) on multiple mobs (as opposed to many tanking pulls which only generate aggro on a single mob to begin with). This can also be used to pull through walls. You only have to be able to click the location you want the bomb to hit.
This is also useful in pulling batches of mobs when aoe farming, especially in a crowded area. I do not know if this tags the mob (doesn't do damage) or whether it will tag the mob with the upcoming changes to tagging rules.
Infinite charges. 3 sec CD.
This can be used in Dalaran.
You can keep this quest and still get the Loremaster Achievement.
I stopped testing quest items for zone restrictions after 1-2 zones of nothing but garbage, and blindly turned quests in, including this one. Why Blizzard; why do you punish me so?