I actually think there is some viability to cheap favor items that don't affect gameplay but introduce fun/flavorful elements.
Jester's Scepter: The announcer taunts anyone you kill or force to run away. "Coward! Run like a little girl!"
Ring of Masculine Confidence: Turns your Demigod pink (male Demigods only.)
Cloak of Suburbius: Rook only. Adds a tiny backyard and tiny swimming pool on Rook's back, along with a patio and tasteful lawn furniture.
Helium Clasp: Makes the Demigod's voice high and squeaky.
Crown of Bigocity: Greatly enlarges the Demigod's head.
Freudian Slippers: Gender-swaps the Demigod.
Rave Staff: Torch Bearer only. Replaces ice effects with smoke, and his fire effects with dazzling laser displays. Staff glows in various colors.