I don't think that swords +1 had a lot of wonder in classic D&D either.magic items have lost their sense of wonder in 4E, being essentially an extended version of a players powers
Saving throws in 4e apply to a lot of things besides ongoing damage - including dying. And in my experience, they are not meaningless.Except saving throws are rendered virtually meaningless in 4E, relegated to a simple die roll to avoid ongoing damage.
Which is not to say that they are the same as saving throws in Basic or AD&D. With the odd exception (like 3.5 Hold spells, or the classic Charm Person) I think saving throw based durations are a new thing with 4e.