Celebrim
Legend
You might have a point.
The standard 3E magic items where what? The "Christmas Tree" of Ring of Protections, Amulet of Natural Armor, Magic Armor, Magic Weapon, Gloves of Dexterity, Cloak of Resistance, Headband of Intellect, Belt of Giant Strength? Those weren't particularly interesting, but often treated as mandatory
With the introduction of 3.5 they actually became mandatory, because the CR of high challenge monsters was computed with the assumption that all high level players would have an optimal suite of these items.
The problem 3.0 introduced to D&D was the idea that magic items were non-random fungible comodities which could be easily bought and traded at any nearby community and which could therefore be considered part of your character's build. Players basically were allowed to, and ultimately encouraged to by the rules set, to pick and choose which items were best for them and DM's were encouraged to allow this.
So naturally the result was something like Nethack or Diablo without the need to quest to find your victory package of ultimate weapons. People naturally and correctly choose items which provided basic enhancement to things that they did all the time.
Under these conditions its impossible for magical items to feel magical or interesting regardless of their powers or abilities. Magical items, not even strong ones are not scarce. Not only do you get that +5 Holy Avenger that you long for, but you can buy it in town and are expected to do so as part of your standard level progression. You might as well make 'Acquire Magical Item' a part of your level progression, the way 1st edition made 'Acquires titles, lands, and followers' part of your expected level progression.
The most coolness in this is like buying a new Blackberry or IPod. It's cool, but everyone has one.
In 1st edition, the ultimate combination was belt of giant strength (especially storm giant!) and gauntlets of ogre power. Every fighter longed to have both, because with them he became an almost unstoppable force (a vorpal sword would just have been frosting). I never once saw it happen. You could dream, but no DM worth his pizza was going to allow it to happen easily. I've seen fighters with one or the other, but never both. You kept questing to find the pieces of your combo, hoping that the DM randomed up a treasure and allowed it to be because he felt the challenge of obtaining made it worth it. Whatever you found was cool, because it was one more tool in your arsenal that you couldn't obtain anywhere else. Even swords +1 were cool: you wrapped them carefully in cloth and threw them in your bag of holding (if you had one!) and distributed them to followers and henchmen for big loyalty bonuses and added combat ummph. Your castle was defended by followers with magic weapons. That was cool.