New Community Challenge!
There are some special Legendary items, mostly hats, which have special effects of some sort which go along with them. The most notable one is the Everlasting Crown which provides live "color commentary" of your gameplay or the Gnomish Perspective which completely changes how you view the world but there are other Legendary hats with smaller effects which happen when you get a vanquish like the Blur Bug hat for the Cactus which flutters it's wings, the Face of Delight for Kernal Corn which spits out cherries, or the Boom Box for the Peashooter which shoots off fireworks.
Teammates can't see the effects so they're just for your own enjoyment.
Since the Challenge says "item" whether or not you can get a Legendary character piece will depend on whether or not the developers consider the character part stickers to be an "item" or not. If they do then you have a shot.
