Well, I would roll the Cloak of Resistance into the 'native' bonuses provided by the class, and the Ring of Protection and Amulet of Natural Armour rolled into a class-based Defense bonus, and then eliminate these items entirely. I might also advocate giving all characters a +2 bonus to all ability scores at levels 5, 10, 15 and 20 (instead of levels 4, 8...), and getting rid of the stat boosters.
I would also get rid of a 'vanilla' Sword +1, and instead require all items to carry one or more additional qualities. I would also tie the power of those qualities to the power of the sword - so you can't get a +1 shocking holy flaming bane long sword, but might be able to get a +5 shocking holy flaming bane long sword. Or something like that.
I would also like to see a lot more items built with a set of related powers along a theme. The latest Pathfinder has a good example: Boots of the Mire, give the ability to walk on water in the marshes, to ignore movement penalties in marshes, to leave no trace in marshes, and give a +2 Fort bonus vs. poisons and diseases. Items like that have a whole lot more flavour and interest than yet another Cloak of Resistance +2.
Oh, I'm also mostly in favour of items being fewer, more powerful, and gaining in power along with the owner. Sort of like Weapons of Legacy, but perhaps built better. Indeed, the best way to handle this might be to make a Legacy Item talent tree available to all classes, providing exactly this facility.