The Black Spot
 

Is there a point to this quest like if you wear a certain thing you may get something useful out of it or is it a pointless timewaste??

After getting the chest from Ben Gorefiend, report to Torfin in Riftland, then accept to kill the smuggler, report back after killing him and talk to Torfin about him taking over the smuggling trade behind the king's back and you'll get an artifact and some money ( I think).
If you let Gorefiend run, you won't get anything. If you deliver the chest to Isterreng, you'll get an insignificant amount of money.
At least that's what happened to me, maybe there are other ways of solving that particular quest.

Disregard the above, it's for another quest very similar in name.

Is this the quest where you non-stop deliver something between the 2 orcs? If you mean this quest it is pun intended - the name of one of the guys is "Fed Axe". You earn 100 golds per run as long as you want it to proceed; to finish it you need to tell one of them to use ravens instead of you.

Oops, wrong quest, sorry. The one I was refering to was Black Label, so Handel is right. Again, very sorry,