what kind of items can you get from this thing?

Clothing, items with the word blue in them, water/ocean/hydrus items can all vended. Also the Riptide legendary, the giant lotus, and the fierce Ice blade can be vended from this vending machine.

really? What are the odds of getting any of those three items?

The last three? Not good. :P Well it really depends. I have vended1,000s of tokens and never got a riptide, but I've gotten 3 giant lotuses and 1 of the fierce ice blade. Now other people have put in just 2 tokens and gotten the riptide. The thing about the vending machines is that they are all random. You do however have a better chance of getting rarer items out of the Ocean Depths Vending machine.

nice! Thanks.

I've had tokens laying in my vault for ages because i always miss the token shop crap, so I'm just going to blow it all ha ha.

The clothing that i get and all the other common items, I'll just sell them for crack change

I got a fierce ice blade on my third day vending there.^^ But nothing else that's to great. Its a luck thing. xP