A very quick overview of items included in Free Enterprise (unless T:noj, S:noj, or E:nojdrops are enabled). Information borrowed from rivers mccown's Newbie's Guide

Bomb – Casts Fire1 (12 spell power) on all enemies
BigBomb – Casts Fire2 (64) on all enemies
Notus – Casts Ice1 (12) on all enemies
Boreas – Casts Ice2 (64) on all enemies
ThorRage – Casts Lit1 (12) on all enemies
ZeusRage – Casts Lit2 (64) on all enemies
Stardust – Casts Comet (80) on all enemies
Succubus – Casts Psych/Osmose (32) on one enemy
Vampire – Casts Drain (64) on one enemy
Bacchus – Item berserks whoever uses it (not reflectable)
Hermes – Item casts Hastex2 on whoever uses it, raising speed modifier to maximum for character (not reflectable)
HrGlass1 – Item casts Stop on all enemies (timer = 10)
HrGlass2 – Item casts Stop on all enemies (timer = 50)
HrGlass3 – Item casts Stop on all enemies (timer = 200) – these are great grind items
SilkWeb – Item casts Slow x2 on all enemies, lowering speed modifier to minimum for enemy
Illusion – Item casts Blink on whoever uses it
FireBomb – Item casts fire elemental current HP modifier spell on all enemies (think Kainazzo's Big Wave, but for your party)
Blizzard – Item casts ice elemental current HP modifier spell on all enemies
LitBolt – Item casts lit elemental current HP modifier spell on all enemies
StarVeil – Item casts reflect on whoever uses it
Kamikaze – Item casts a spell where damage = user's current HP on one enemy
MoonVeil – Item casts reflect and barrier on whoever uses it (Barrier gives immunity to all physical attacks and can only be removed by Dispel/Black Hole – this is an awesome thing to use against certain bosses)
MuteBell – Item casts mute on all enemies
GaiaDrum – Item casts Quake (80) on all enemies (ignores reflect)
Coffin – Item casts Fatal on one enemy
Grimoire – Item uses random non-Asura/enemy-obtained summon on one/all enemies (ignores reflect)
Bestiary – Item uses Peep on one enemy (ignores reflect)
Alarm – Item cures Sleep on all allies
UniHorn – Item cures Berserk, Charm, Sleep, Paralysis on all allies
Soft – Item cures Stone on one ally
MaidKiss – Item cures Toad on one ally
Mallet – Item cures Size on one ally
DietFood – Item cures Pig on one ally
EchoNote – Item cures Mute on one ally
EyeDrops – Item cures Blind on one ally
Antidote – Item cures Poison on one ally
Cross – Item cures Curse on one ally
Siren – Item summons rarest possible monster formation on screen where you can actually fight monsters
AuApple – Raises max HP for one ally by 100
AgApple – Raises max HP for one ally by 50
SomaDrop – Raises max MP for one ally by 10
Exit – Casts Exit
EagleEye – Casts Sight