I don't like the +X item system, and would love to be rid of it. Before 4e came out, it was one of my biggest hopes for the system, that they might ditch all the +X items.
When I read a story, I don't see a new item every 3 pages, which is what it feels like I have to do in 4e. I do like the options that magic items bring to the table. I think these should become traits, rather than part of the magic item system. Instead of a lightning weapon, you might have the trait to wreath your weapon in lightning. Instead of Rushing Cleats, you might gain a trait at level 7 that lets you increase your forced movement.
Once the current item system is merged into character advancement as traits rather than items, this would free up the magic items for things the DM wants to reward the party with, instead of things a player needs for his character to function.
In my ideal world, magic items would be more story driven and often temporary. The sultan might lend you his magic carpet to go save his daughter. The vampire lord can only be truly destroyed with the Wooden Sword of Esmindix, which disintegrates when the vampire lord is slain. The Shard of Nekrotep is a gift from the eldritch dragon, and will guide you to the lair of the necromancer, hiding your presence from his all seeing eye, but you have 7 days to find and kill him before the shard is drained of its magic.
Similarly (again in my ideal world), gold and riches would not be a system requirement for a campaign or levels either. You may start at level 1 as a merchant prince or a duchess, you might own a fleet of ships, or a mansion. Or you may be a 17th level devout who tithes all his coin, a monk who refuses any wealth, or a scoundrel who gambles away all his gold at every opportunity. The system should neither penalize nor reward you for these choices. It's all part of the story, and should be under DM purview.