Any system will remove the « special » about magic item, and make buying a common mundane task.
Make buying, exchanging, crafting items an adventure. With risk of failure or big rewards.
Otherwise magic items just become an extension of classes features.
Conclusion
All ranged based character will take the feat to ignore the penalties. The more the penalties will be severe, the more it will be a must pick.
Caster will pick one backup cantrip that use a save rather ranged attack.
So you won’t see the penalties in use, except for rare case.
Too many was 4ed.
Base bonus to hit +15
Then
Add +1 from one of your power
Then +2 from another power
Then +1 from ally A
Then +2 from ally B
Then -1 from enemy X
Then -2 from enemy Y
Finally you remember that your are bloodied giving you a +2
Then you ask if your target is also bloodied giving...
To me it look like an evolution of DnD 4ed, stepping further away from original DnD.
Domain cards and class cards are in line with 4ed vibe.
They got very interesting new mechanics with the fear/hope and the spotlight cycling.
Despite it claims to offer cinematic gameplay, there are many crunch...