This fast wonderful thing is number 2 for being a number 1
This fast - The great charm increases the wearer's speed.
wonderful thing - It's Great! Kinda like frosted flakes!
is number 2 for being a number 1 - It has the 2nd lowest defensive upgrade to any sort of protection you can get (the Travel Charm is #1). It gives you 1 extra defense point. So, because it gives you one, it's the second lowest, as the travel charm is 0.