I think it is a shame the economics discussion has overwhelmed this thread. Especially since it is a largely meaningless point. It sounds like Eamon would be fine with "Rare items sell for only 10% of their value, but are worth 10x the normal value of an item of their level", but finds "Rare items sell for 100%" to be completely unreasonable.
Anyway, I like the new system in general. I've got two real concerns.
For one... common items will probably remain the most desirable things for PCs. I've seen plenty of PCs turn down awesome Epic belts because it would mean giving up the +2 Fort from a Paragon level belt. I've seen level 30 Bracers turned down because they are better off with Paragon level Iron Armbands of Power.
It's frustrating, and this system doesn't really fix it. At least, not without making uncommon items even more powerful, and I'm not so sure we'll see that. (And if they become good enough that they do outclass the current defaults, that could be a problem in its own right.)
I'd really love to see some of the static bonuses toned down (Iron Armbands adjusted to +1/2/3, for example), or even just worked into the system. We've already got Masterwork Armor. I'd love if all existing items with +Fort/Ref/Will lost it... and instead, all Belts/Boots/Headbands gave +1 Fort/Ref/Will at Heroic, +2 at Paragon, and +3 at Epic. Or something like that - and ditch all the annoying feat-taxes that boost defenses at the same time, now that you've worked some more bonuses into the system.
My other concern is just that the removal of the daily item power limit is one I'm a fan of, but also one that is a bit harder to adjust for current games where the DM hasn't had rigid control over items. I kinda wished there was still some limit, just a more reasonable one. You get one item use for each item slot per day, for example. So you can still use a bunch of items, but much less chance of any real abuse overall.