@hassun: Saying it's a "Ring to prevent soul memory gain" understates what it actually does. If I'm reading the official notes properly, you do not gain any souls that would result from killing another player during online play, which means you aren't gaining anything other than the items that may result from the kill. You could gain as many items as you'd like while using this ring, but you won't gain any souls that would allow you to level up or upgrade your equipment. It seems like it's their way of allowing people to continue matchmaking with a particular group or level of people without advancing your own rank, which could lead to both bad and good situations where a player that sped through the game and got some of the best equipment could cause some serious grief for new players or players that don't participate in much PVP, or give some pretty serious help to people who might be struggling.
Only time will tell on this ring, but it seems like a cool idea for now. There will be people on both sides of the help/grief fence, I'm sure.