Speaking as a player, "I don't want +N weapons in the game that mean I have to seek out loot to keep up with the Jones".it should be thought of from a player perspective
Want magic swords to be special again? Make them game-breaking, just like they were under AD&D. There weren't many ways to get that kind of bonus, so same logic applies.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.