I see people making references to heros of myth and legend, but I haven't heard one legend yet that was similar to what most (don't read too much into that) D&D characters end up like. A character of legend can be defined by the weapon he wields, or item he carries, but D&D characters aren't just a weapon or a strange item.
Most of the characters I end up seeing played at shops or in other peoples games are the following:
One to three powerful weapons, a pair of boots, two rings, a cloak, a suit of armor or magical robes, a hat or headband, bracers or gloves and so on....
I don't have a problem with characters who have a powerful item and who is using it, but when the whole purpose of the character is lots and lots of powerful items and they have something for every occasion, it gets to a point where there isn't a character anymore. There is just a pile of magic items.
Don't take this as a flame or as what the game is, it is just my experience in what I have seen. When you have those, and the group loses all magic items, then you have a group that doesn't know what to do.
wally