When you use the rod to convert levels to spell slots, does it take an action just to cast the spell as if the item has spells it uses charges for like any other item?? Do you need to take an action/bonus action to convert into useable slots like sorcerer's abilities? Can you cast reactions from it? e.g. shield?

In my game it would be able/have the capacity absorb the power of a can't rip unless it is full to the brim. It just wouldn't have any increase in the number of charges 

Counterspell is a targeted spell so yes. It basically acts as a counterspell itself to the counterspell using the reaction

As I DM I would say yes, but if the wish fails the Rod would be destroyed

It explicitly says that all it replaces are the spell slots & that you cast the spell as normal, so any Action\Reaction & any Verbal\Somatic\Material requirements of the spell still apply.

In fact, if you can't use a Rod as your Focus, holding the item takes up one hand & you need the other for any Somatic gestures. If the Rod serves as your Focus, I think it's not bad at all for a full-caster; especially if your GM figures it's long enough to be wielded as a Quarterstaff.

As a thought to cantrips:

If you are targeted by a spell that the rod can't store, the rod has no effect on that spell.

That being said, if cantrips are considered 0-level, the rod couldn't store it since it has no level per se. Thus cantrips wouldn't be affected by the rod.

Just a thought...

Quote from Grunch >>

I don't think it would absorb counterspell.  This specifies that you need to be targeted by the spell, counterspell does not target the caster.

 

 Counterspell does in fact target caster.

That is the majot reason Subtle Spell matters to most folk that it matters to.

Shouldn't this have the Consumable flag, since it's got a 50 spell level limit?

Quote from Greeves421a >>

Can the rod absorb cantrips?

What would say, 5 cantrips equal in terms of power absorbed, 1 level?

Can an ally cast cantrips at you all day to be absorbed and allow you nearly unlimited spell use?

This seem likely to be abused....anyone use this item?

 You realize it creates spell slots.  Cantrips can already be cast at will.  And if they are counted as 0 level, they can't build up to cast more powerful energy. 

Pearl of Power can be used to toss in a free 3 levels daily into this.

48 levels over 16 days and at absolute minimum 1 level from "Newly Found" rods, could make a sort of emergency spell slots battery pretty easy, albiet gotta be patient, and also could load it up quicker by pumpin any amd all leftover slots just before a Long Rest that'd refill them all.

Warlocks can use Pact Keeper Rods and Short Rests for even faster fill ups, and if you can manage any sort of steady supply of these then you can, and let's assume "Newly Found" doesn't apply and they start at 0, if you have 2 5th level slots, fill 45 slots with 2 short rests, then Long gets you Pact Keeper Rod again, can super load up another after.

Warlock with Pact Keeper AND with Pearl of Power can go even further beyond.

Thank you for this explanation, I knew I wasn't reading it right.

Pearl of power is only good for level 3 and under spell slots so will only work for a warlock up to level 6

It converts slots of 4th or more into 3rd on replenishment.

Says so on the it it do.

I agree, and that will work for anyone with level 3 spell slots.  But a warlock past lvl 6 has no lvl 3 spell slots.

It does work on counterspell. Counterspell interrupts a creature casting so its targeting the creature not the spell

no it remains intact even after it absorbs 50 levels

The rod can absorb and store up to 50 levels of energy over the course of its existence. Once the rod absorbs 50 levels of energy, it can't absorb more. If you are targeted by a spell that the rod can't store, the rod has no effect on that spell."

I'm not sure that's correct. The wording states it can only absord 50 levels worth of spells in its existence. Giving me the impression that it's a flat 50. Using the energy doesn't grant you more space (like a ring of spell storing) it just absorbs 50 and no more. Especially when the last line in that paragraph says "if you are target by a spell the rod can't store it has no effect" means you can get to the 50 cap and still use the energy inside,but once that's used the rod become innert. 

My ruling as a DM would be that a cantrip would count as one level for absorption and usage wouldn't matter.

Counterspell: "You attempt to interrupt a creature in the process of casting a spell." Since Counterspell targets the spellcaster, I would rule that the rod would work on it.

It is clearly indicated in the description of the counterspell that "You attempt to INTERRUPT a creature in the process of casting a spell." It's targeted clearly.

if you've prepared them ever, regardless of if you've prepared them that day, it still qualifies technically for "spell you have prepared" since at some point you have prepared it