Phantasmal Sight
What is it?
It's a Technique unlocked during the G23 questline
What are it's uses?
The Phantasmal Sight Technique has 4 main uses.
Dealing additional damage to Monsters.
Accessing hidden extra recipes for certain life skills.
Buffing your gathering with one of 4 random buffs.
Collecting Phantasmal Remnants to power stronger Techniques.
Secondary uses of Phantasmal Sight
Exploration Effect: Automatically discovers nearby artifacts.
Arat Berry Effect: Shows hidden objects like Ice Mines in Shadow Missions.
The Orb System
Every 10 seconds this Technique is active it will mark some monsters and all applicable gathering nodes within range with an orb.
For Monsters:
The orb is always red and always provides a damage buff when attacking.
On defeat, marked monsters will drop Phantasmal Remnants.
For Gathering Nodes:
They will be marked with an orb of 4 random colors.
The orb color determines the buff received when gathering from the node in question.
The Orb Buff Colors are as follows:

Blue - Unlimited Gathering (w/ some exclusions)
Exceptions: Pet Gathering (Alpaca, Gnu, etc), Metallurgy, Fractal Well, Gold Mushrooms, and more.

Yellow - Guaranteed Huge Lucky Gather on the first successful attempt

Purple - 100% gathering rate

Green - Increased Gathering speed
Bonus Information:
The Blue Orb effect also allows you to gather without limit from nodes that are already empty as long as it's the active effect.
The Yellow buff is sometimes confused for the Green buff. It's actually a bit more orange/gold in color.
For less confusion, double check the floor just under the orb.
Day vs Night
The orb effects are usually more easily distinquished at night. Your mileage may vary depending on your graphics settings.
The following Recipes become available when Phantasmal Sight is active:
Potion Making:
Comprehensive HP 500 Potion
Comprehensive HP 1000 Potion
Weaving:
Far Darrig Doll Bag Box (Available at the Loom)
Handicraft:
Revenant Lunatic Control Bar
Fallen Pierrot Figure
Perseus Conflict Control Bar
Blacksmithing:
Revenant Insight Cylinder
Revenant Insight Guard Cylinder
Revenant Splinter Knuckle
Perseus Tyrannus Cylinder
Perseus Tyrannus Guard Cylinder
Perseus Tormented Knuckle
Phantasmal Remnants

These drop from defeated monsters marked with a red orb.
You can collect up to 30 of these per use of Phantasmal Sight.
They power the following Techniques: Tenacious Taunt, Fateweaver, and Zone Of Renewal.
They are also used in magic crafting to create Phantasmal Amalgams which are used to power even stronger techniques.
Phantasmal Amalgams

Phantasmal Amalgams require 10 Phantasmal Remnants to make and currently allow the use of the Unified Might Technique.