No matter the backstory, that +1 longsword is still being tossed somewhere and not used once the Vorpal Blade is found. Stormbringer wasn't important because it had a backstory. It was important because of what it could do. I'm sure Elric was presented with many gifts of named +1 longswords, and they're all in some forgotten alcove next to the love letters from adoring fans. I've been playing D&D since long before computer games, and frankly no edition has ever supported making the magic items rare and wondrous. It is certainly possible to make them so, but that applies equally well to all editions. It's based on the DM and setting, not the rules for how a +1 item works. And, I often wonder, what about the other magic items such PC's had? When the +1 longsword has a rich and varied history, what does that mean for Armor? Did his mystic boots of swimming and climbing have a great story of helping Vladimir The Daft climb out of wells? Besides that, as I've said before, 3e is the first edition, IMO, that actually encourages the players to take that +1 longsword and keep it forever. Sure you can sell it, but you can also enhance it later on, making it +2, +2 Flaming, +2 Flaming Keen, +3 Flaming Keen Can Opening...You've got Craft Item feats, Ancestral Relic, Weapons of Legacy, the OA Samurai, the CW Kensai... there are a LOT of options for customizing a blade and using that same sword throughout your career.