| Almost every book has a small percentage of bad things in it - just as true for the PHB as for Dragon #371 or whatever. If you've got the character builder I'd suggest letting it all be used for character options (feats, etc) with the caveat to block anything that is excessively powerful (or weak) compared to the rest of the party. For items I'd advise the DM control that, whatever works for you guys.
Personally, if I were going to bother to exclude anything it would be a minor set of powers here and there (Storm of Blades kinda thing), superior weapons across the board, a couple bad items from AV like Bloodclaw and Reckless... oh and I'd make a rule for penalties not stacking to take care of all the damn save penalty things. | 
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