It's called the Wand of Lesser Vigor now
Yeah, we considered that. But CLWs seem to go a little quicker (~5 points of healing per round instead of 1), even if a little more expensive (twice as much?). And while we allow the WotC "splats" usually, we don't use it as heavily as the core stuff. (But don't let that fool you into believing we're not power-gaming.

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Brother MacLaren said:
In your experience, is that a 3E innovation or has it always been that way?
It was my experience that wands and staves were used more cautiously in earlier editions, because they weren't easily made and there wasn't the assumption they were for sale.
I did really like the design of the Basic Set's Staff of Healing -- Cure Light Wounds (1d6+1) once per day per person, with no charges used up.
I haven't played D&D before 3rd edition. But I think it's a 3E "innovation".
And as I said, I think it wasn't entirely intentional. The costs of a Ring of Regeneration are so out of proportion to the cost of even loads of Cure Light Wound Wands, that I don't think the designers really saw what their magical item guidelines implied. Even with the added benefit of reattaching or regrowing limbs, the cost of the Ring can't be justified in light of the wand costs.
My question regarding this is whether it was a good "innovation" or a bad one?
And I really don't know. With the advent of action points, I sometimes believe we "forgot" the intention of hit points, since we're using new mechanics that on a very basic level do the same as the older one. Hit Points, Action Points, Healing Surges, Reserve Points, Karma Points, are all "points of avoiding nasty things happening to my PC".
Hit points were used against avoiding "nasty weapon killing my PC", and for some reasons it was deemed appropriate that some kinds of magic can bypass this nastiness buffer. But way later in the evolution of D&D, people add action points or reroll mechanics to provide a nastiness buffer against spells (and other effects that are not based on hp).
On the other hand, different types of nastiness buffers might be interesting. You could have "Combat Hit Points", "Social Hit Points", "Research Hit Points", "Travelling Hit Points", and depending on a characters focus, you would have different counts for each of them.
Maybe one should start smaller. One general buffer type might be enough. That's what Torg did with its "Possiblities". You used them for rerolls, buying off damage or paying for special powers...