Yeah, the item thing...
For one thing, I can't be bothered to keep track of all those damned parcels anyway.
This is the main thing for me. At first, looking through items was a lot of fun for me. What fits with their character concept? What would the character appreciate? What item could turn steer the game into interesting directions (like with artifacts)? These were cool at first.
But then it became homework somewhere around mid-Heroic. Looking up new items was necessary because the rules said so, and I was trying to apply the rules of 4e to run a fairly straight-forward 4e game (to give the system an honest go after having stated my disagreements with it for a while on these boards). And I hate homework for my games (which is why I don't prep for my RPG, I just build the setting).
I think 4e has tons of interesting items (even if people don't like the way some items work -like 1/day flaming weapon bursts or whatever outside of crits- I actually didn't mind the implementation within the confines of 4e). But it really did start to feel like homework for me after a while, and I barely did homework in school (I was the kid with 96-100% on tests, and homework written during the passing period rather than at home the night before). Definitely not going to do it for my game, unless I need to at the very beginning to kick the game off.
But yeah. Inherent bonuses helped a lot. But I still have to look up items. It's tedious. I still have incentive to just upgrade stuff (since many items improve based on their item level), so I still have to weigh that against just giving them new things. And while giving them new things is fun, my players are already not using all of their stuff (at level 11), simply because they can't remember all of it. So my options are give them new stuff they'll likely use (and drop something old) or forget about, or give a minor upgrade to a current item (as long as it fits within the current treasure parcel). And the decisions just gets more complicated as the game goes on, and new items are added or forgotten. (I also have to weigh adding new things, since other players might remember they have it, and mention it, and then we wait while these abilities are looked up during play, putting the scene or combat on hold for the duration.)
Anyway... it's become the worst part of my 4e game for me, followed by making monsters. But that's because both of those felt fresh and exciting in the beginning, and now feel more like homework. But I'm a low-prep GM kinda guy, so I think that has a lot to do with it. Oh, that and not having access to the internet during the game. If I could quickly pull up some monsters or whatever on the compendium, it'd make my job easier. Alas, that is not an option for my 4e game (and ironically is an option for my RPG campaign, although it's not in any way necessary there).