It has the same properties as other stackable items: you can stack up to 4 and climb mountains with them. It is commonly used by lower levels as House decoration because it is cheap and looks extravagant. The pedestal comes in 4 forms, each form a different color: red, blue, cyan, and green. The pedestal can be forcefully changed to the next stage by using it.
In order to use it repeatedly to switch colors, you need 4 hotkeys because each color pedestal has a different ID in your configuration file.