4E is somewhat returning to those roots where the DM decides the history of a magic items if he deems it important. Yet they still include the ability to craft an item, they just made it far more difficult than it used to be. I for one like that. Magic items should be kept rare and interesting.
People keep SAYING this, and I have to wonder if I got the 4e rules from an alternate dimension. 4e makes PC magic item crafting EASIER than any prior edition, continuing a trend.
1e: You want to craft a magic item? Fine, your character will spend the next year making a scroll, play someone else for a while.
2e: As above, but more so. ("I need the sorrow of a maiden? The FRACK?")
3e: Take this feat, that feat, the other feat, know these spells, and be prepared to take an XP hit, sucker! And spend some gold. Lots of gold. Oh, it will take a few weeks if it's at all powerful.
4e: Got your ritual scroll? Check. Got your "residuum" or bags of Generic Mystic Stuff? (Or a bunch of +1 swords you don't need anymore?) Check. OK, an hour later, you've got what you want. You can beat your magic swords into a carpet of flying.
And please, fertheluvvvavecna, don't say, "Well, sure, but in 4e, the DM can ignore the rules!" You could in every other edition, too. If you're going to say "4e does blah!", it better do blah *by the rules*.
(One of my personal houserules for 4e is going to be that some items/powers/things require more than Generic Mystic Crap. I like the whole ritual concept, but it needs to be kicked up a notch (bam!) with 1e-style Interesting Magical Bits Required.)