I vote flavor.
For me, an item without flavor is by self-definition devoid of ‘magic’.
That said, I require the flavor to have mechanical enforcement. One cant ‘pretend’ to fly, one must have the actual mechanics to do so. Otherwise, a leap off a cliff wont end well, regardless how much ‘method acting’ one puts into it.
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So, I appreciate the design self-restraint of ‘bounded accuracy’, thus avoid attack and save bonuses (and I wish it was possible to avoid skill bonuses like expertise). I want magic items to do interesting things, and have the mechanics to do these interesting things.