Reward is 2 billion exp and a very nice cloak:
Wrap of Withstanding
Hooded Cloak
100/100/100/35
8% spirit
7% slash
7% thrust
7% crush
+8 bonus to AF
You have to be level 49 to do the quest. Meeting Aerus at 19.30 CET <- uk time 18.30
Wrap of Withstanding
Hooded Cloak
100/100/100/35
8% spirit
7% slash
7% thrust
7% crush
+8 bonus to AF