BioWare commissioned Penny Arcade to create a unique item in Dragon Age 2, and it'll only be useful once a party member dies.
The waist has gone woefully ignored in the likes of many RPGs as far as items go, and Penny Arcade wants this beltism halting society's progress to stop. When BioWare asked Penny Arcade to create a special item to be included in Dragon Age 2, it ignored the usually popular swords and breastplates and went straight to the belt.
Penny Arcade created an item called Hindsight, a belt that can be powerful, but only after you've died. A motion comic gives all of Hindsight's details, if you'd rather look at that first.
Hindsight doesn't protect characters from anything in particular, because it can protect from everything. That is, once they've died to it. Hindsight gives a resistance to whatever its last bearer died from while wearing it. If you were like Thaulid Hammerspur and fell into a furnace, it'll protect from fire. If you were stabbed 43 times like Vil Arak, you'll have resistance to blades.
The belt is said to be "possessed of a strange, slow intellect," but I think it's also inhabited by a trickster from the Void. Death really wasn't that big of a deal in Dragon Age, though BioWare hasn't revealed if characters will resurrect as easily in Dragon Age 2. If they do, it'll be easy to change the properties of Hindsight, but that doesn't make it any less of a humorous item. It's not yet known how players will acquire the belt, but it'll likely be amongst the bones of an NPC that died in a hideous way. Edit: Apparently, it's simply downloaded. Boo.