Hopperhock will insert -any- item into empty hovering hourglass. Upon attempting to take item out of hourglass with empty hand, it will simply destroy the item. Both breaking the hourglass with a pick, and extracting it with a hopper will preserve the items though.

Here is an example screenshot with HoloInventory enabled: http://puu.sh/jIgZh/69c0170bfe.png

Here is the FML Log: http://hastebin.com/atomopuyev.vala