You can't wear it outside of Cyrodiil. You can't wear it after losing emperorship (you can apply it in the collections window but no one will see it). It does not have the same glow.
Mine also had an eye patch... It was ugly!
Except for you know, actually being the current emperor on a campaign. Instead of farming the bonus, and then leaving for the the next person to get their turn.Can't wear it outisde of Cyrodiil, can't wear it when you become former emporer and they're removing the former emporer buffs. So...when that happens there will literally be ZERO point in even having the emporer system in the first place...