ooc: i believe the item-loss is temporary. Unless focused on just one item, which gets destroyed, the spell only acts as a temporary nullifier for magic items and active spells. I think that's what I'm reading.
Places to go: Hrm... good point. I have the campaign setting for Golarion, but if NONE of you are familiar with it, we could just invent from here (for all you know, that's by their book).
Help me out: what are you thinking in terms of places you'd like to go to with your 20th level characters? Things you'd like to do? That way I know what to prepare.