Ghostly

{{Unique_enchantment
 * name  = Ghostly
 * found =
 * Cloak of Night (Level 16)
 * Epic Cloak of Night
 * Epic Golden Guile
 * Wretched Twilight
 * {{Item|Dream Edge}} (one of 100 possible effects)
 * Epic Ring of the Stalker Tier 2 and 3
 * {{Item|Treads of Falling Shadow}}
 * {{Item|Whisperchain}}
 * effect = This property makes the wielder's melee attacks able to hit Incorporeal targets. Additionally, enemies suffer a 10% miss chance against the wielder due to incorporeality.  The wielder also gains +5 enhancement bonus to Hide and Move Silently skills (stacks with competence bonus).

Incorporeal miss chance and Concealment miss chance are different effects that stack. All these effects also stack with dodge.
 * Ghostly + Blur grants an effective miss chance of 28% (1-0.8*0.9 = 0.28).
 * Ghostly + Displacement grants 55% (1-0.5*0.9 = 0.55).

History
Update 14 changed Ghostly to a 10% Incorporeal miss chance (stacking with Concealment, but no-longer stacking with other sources of incorporeal miss chance):