The Talisman was revealed to be a storage area for charms, which could modify core attributes of your character. Few details were given on specific charms bonuses, though the new look of the device was shown off in the demo build. In terms of functionality, the Talisman slots unlock as your character progresses through the levels. The example in the picture to the right shows 5 slots unlocked. It is not specifically known yet at what levels the slots unlock, but it is safe to assume that they will all be unlocked by level 60.