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kenjib said:
1. As LostSoul points out, there is no accounting for where the gold piece cost gets spent or what limitations there might be on acquiring the necessary components. For all we know the gold pieces magically meld with the item during the creation.
"Creating a magic item requires costly components, most of which are consumed in the process. The cost of these materials equals half the cost of the item. "
Just because the price is expressed in gold pieces in no way implies gold pieces are used. You could make the same arguments about healing kits, which provide no explicit guidelines for assembling the kit and what is needed other than THE COST.
Magic items are not by far the only thing in DND where specific details are skipped and cost provided. That is the NORM.
Thats one of the reasons that towns have max gp costs for stuff.
kenjib said:
2. There is no requirement of a laboratory or other facilities. You can create magic items anywhere you can meditate for spells. I find this completely unbelievable. What did all that gold get spent on and how is it used in the enchantment process? I guess it all just magically fuses into the item? Pshaw!
"Using an item creation feat also requires access to a laboratory or magical workshop, special tools, and so on. "
Since you clearly missed this part, i figured i would post it for you.
A line in the DMG about how quiet a place needs to be in order to make items does not, make that NOT, mean thats the only criteria.
kenjib said:
3. Just because you know how to cast water breathing and freedom of movement you automatically know how to create a cloak of the manta ray with the right feat. I would have liked to see a treatise required for creating each specific item, probably just using the rules for researching or scribing (should you find someone else's research journal) new spells. Ah well...house rules. 
Ok, lets pay close attention...
Sorcerer A has water breathing and freedom of movement spells. Does he know how to make a cloak of the mantra ray JUST BECAUSE he knows these spells? Nope. matter of fact, he may have no clue.
What in the world does he need to do BY THE RULES to know how to make it? he has to ALSO take the feat, which is what enables him to know how. just like taking the combat reflexes feats lets me know how to get multiple AoOs. just like the improved initiative feat allows me to notice signs and get off the bat quicker.
Thats what the feat represents, having learned HOW TO DO SOMETHING.
Its not "just because" he has the spells. Its ALSO BECAUSE he stufied and learned how to make the spells into magic items, as represented by him taking the feat.
He could have studied how to make his evocations more potent with spell focus. He could have studied how to make his spells last longer with extend.
Then again, perhaps you are also in favor of him having to spend time researching how to apply extend on each individual spell?
Other subject... on the whole "well finding a +1 sword is no great ohhh ahhh mystery wonder when the mage has already crafted you one."
Look, DnD is not low magic. You cannot gauge how it ought to be perceived by comparing it to low magic myths.
How mythical are boots of flying and a helm of invisibility when your mage casts fly and invisibility from early on in his carreer?
How wondrous is a magic carpet when fly spells are cast by the mage routinely?
How much in awe of finding a +1 sword should i be when my cleric casts greater magic weapon routinely to give me a +2?
The whole notion of "mysterious and wondrous" magic items stems from the item being able to do something you cannot do normally. With the power IN THE SPELL LISTS from early on, you should not expect gushing bouts of wonder at items which don't do anything the PCS cannot routinely do themselves.
This may be an interested setup, were magic items are all rare and wondrous things, but to make it so you have to get beyond making said items +1 swords and instead make them do things the PCs will not be able to do with routine spells.
otherwise your world (PCs cast fly and invis all the time) and your expectations (helm of invis and boots of flying are ohmygod sense-a-wonder things and +1 swords are geewowholycow) are in direct conflict.
Thats why having PCs make items based on the spells they routinely throw is not cheapening magic items. The items were already "cheapened" by the spell availability itself.
and yes the system is designed with the notion of wealth is converted ro useful items... thats why they have expected wealth levels for character level.