Wolfspider
Explorer
Indeed - after playing through 20 levels you should hopefully have realised that the game was 'magic light' (compared to the incredibly magic-heavy 3e baseline, that is). There's nothing outrageous about my suggestion - in OD&D 'Dawn of the Emperors' by the great Aaron Allston, Emperor Thincol of Thyatis, 36th level Fighter, had nothing above +2 - in my game he eventually gained a +4 sword after killing the evil god Thanatos in battle.
One problem: OD&D is not the same game as D&D3E. So your suggestion that a 20th level character is a munchkin if the player complains about having only a +3 sword IS rather outrageous.
20th level characters in a typical D&D3E should have the best magical equipment the Core Rulebooks offer. The CR ratings given to monsters assumes that they have the full alotment of magical items that their level indicates. To deny characters this amount is to set them up for a big fall, unless the DM has modified the game somehow to make their survivability more likely.