I find it annoying that you cannot craft from the top hat (like you can from chests or other containers, you need to take out items and then craft). It appears that you can, but as soon as crafting animation starts the hat closes and you can't do it.
Another issue related to it is that there is no 'store' options on items when having the hat open, like normal containers do. So to add/remove items from it you must stop and do it using R2. I'm not sure these are bugs or working as intended but it doesn't seem ideal this way.
Another separate issue is that you cannot store the orb in shadow chester anymore, it was a great tool to help me not lose chester, but I guess this has to be a thing now because of the shared inventory.
use magician top hat