Since I'm running both 1e and
4e games nowadays, I've definitely noticed this, to a large extent.
First off, although
4e streamlined magic items and put them in a dry, less-interesting-to-read block format, it took a page from the 3.5 Magic Item Compendium and made it so that items with effects
other than simple plusses are the rule rather than the exception. I think this enriches magic items pretty significantly from 3.5's default assumptions.
Second, AD&D 1e magic items are awesome. I love reading through all the bizarre, organic descriptions that make it plain there were no simple formulae at work. No hint of balance, either, by and large - which is part of the charm. There's nothing quite like figuring out bizarre uses for crazy items you looted from a hill giant, and determining what that weird cloak does through trial and error.
What could happen in 1e/2e, though, was that magic item abilities could overshadow a character's own abilities. For example, elven cloaks make everyone better at hiding than a thief. Elven boots make everyone better at sneaking. Girdles of Giant Strength are the meanest stat-boosting items in history. And so on. I remember characters with pages of magic items in my B/X/AD&D/etc games, back in the day, since they were littered all around published modules like candy.
I had a point, but I lost it somewhere along the way. Uhm... Well, I love 1e magic items in 1e-style games. I like
4e (and, by extension, 3.5 MIC) magic items better in
3e/
4e-style games.
-O
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