I have been deciding which item is the ugliest now but I still say wings are the ugliest based off the gp value. Rainbow cape might look uglier soon tho.
I need my blue charms back.
I don't think any of the rainbow tokens or items are ugly, but I do think there is going to be a change in how these items are now perceived as a result of the change in rarity from Treasure Hunter. When Rainbow gaze was trading at 200m+ prices, it was considered a rare and prestigious item.
When you drastically change the rarity of an item and the price plummets as a result, there is going to be a change in player perception. For players who purchased and wore rainbow items and tokens for status, it just doesn't have the same community perception when the items have declined substantially.