An Instant Demotion present is not necessarily bad if it is opened while near the wiseman in the carrot suit. After opening the present, you will be demoted in rank but the carrot suit guy will promote you again allowing you to earn an extra life like you did the first time you were promoted. In 2 player mode, open the Instant Demotion while both players are on the same screen and you can earn 2 extra lives.