For example, I was reading over the rules for making magical items in the D&D Rules Cyclopedia today, and I was struck by just how reasonable the rules were for making items. Namely there is a gp cost, and a risk of failure. Sure the costs are far too prohibitive, but with a little less cost you have a workable system for making items that I think is better than the other editions. 3e and 4e it was perhaps too easy to make magical items (leading to a broken game) but with a risk of failure and set gp cost you can decide whether making a magical item is worth the gamble. In other words I like it and I think could work well.
I had a similar feeling recently looking at the simple item creation rules in Labyrinth Lord, based on B/X D&D. Just reduce the costs for weaker items (eg 1,000gp instead of 10,000gp for a +1 dagger) and it should work fine. Personally I think the 4e item creation rules seem to work ok due to the very high cost of item creation, they are written as a quick fix for adventurers rather than the basis of a magic item economy. I find that the 3e rules as written do create big problems, especially with the almost free 1st level wands (375gp for 50 charges!) and scrolls (12.5gp!).