If your campaign is a gritty, low-magic setting, it's absolutely perfect. I have a long-running Warhammer Fantasy campaign that we're switching over to 4e, and it's a great fit. Especially 'cause I was extremely stingy with the magic items when we were using WFRP 1e and 2e, so with Inherent Bonuses, I don't need to add new magic items to the mix just to support the system translation.
Even for our more traditional campaigns, I like the system 'cause it supports treating the magic items that you >do< find as meaningful character/story hooks. I don't personally like the callous way that I, as a player, am incented to huck my old weapon/armor for something new, just 'cause the + bonus is higher. It feels way to much like a video game that way. I want my character to be attached to his gear and have it improve with him as he levels up. Inherent Bonuses supports that philosophy.