You have discovered a way to harness the power of an ender pearl and enhance it to allow for long distance and even cross dimensional teleportation. Simply craft a Basic TelePack, crouch-right click to set the destination, and explore. When you want to come back to the set location, hold right click and you'll shortly return to the set location if you're in the same dimension. Should you want to cross dimensions, upgrade your Basic TelePack to an Advanced one and you'll be jumping the crossdimensional gap in no time.
To report bugs and for more information, see the mcforums post: http://www.minecraftforum.net/forums/mapping-and-modding/minecraft-mods/2470828-telepacks