Making it entirely Featless, I don't really see, but there ARE too many Feats right now. I don't see many people take Ring/Staff/Rod very often; it's always Wondrous Items first, Arms and Armor second, and either Scroll or Potion for all those utility spells. Since Elixirs are now in the Wondrous section, there's even less need. The only people I ever see take more than two item Feats are those that get free item Feats as a class ability.
But here's the thing: not every item has a prerequisite spell. If you don't play the "caster levels are a requirement" rule (and a lot of people don't), then what's to stop a Fighter from making some of these items? Boots of Elvenkind just need to be an Elf to make. Bracers of Archery (lesser or greater) need two Feats, but if you don't require Feats then every Fighter will have these. And so on.
Okay, so now you change those items to require a spell (Silence for the Boots, True Strike for the bracers). How about a Rogue with Use Magic Device? Using wands to meet spell prerequisites, he could make any item in the book. Point is, removing Feats altogether opens a bunch of loopholes. You can patch them all individually, sure, but that's more effort than it's worth.
Personally, I like the "differentiation by price" method someone suggested a while back. That is, make a series of Feats that have price caps, so you can't just take one catch-all Feat like "Craft Wondrous" and never worry about it again. To keep things interesting, I threw in a secondary effect: later Feats let you make items faster, so someone with all five Feats can make the dinky potions faster than a newbie.
CRAFT TRINKET:
You can create any magical item with a value less than 1,000 gp.
You complete items at a rate of 1,000 gp/day.
(Wizards start with this one)
CRAFT MINOR ITEM:
Prerequisite: Craft Trinket, caster level 5
You can create any magical item with a value of up to 5,000 gp.
You complete items at a rate of 2,000 gp/day.
CRAFT MODERATE ITEM:
Prerequisite: Craft Minor Item, caster level 10
You can create any magical item with a value of up to 40,000 gp
You complete items at a rate of 3,000 gp/day.
CRAFT MAJOR ITEM:
Prerequisite: Craft Moderate Item, caster level 15
You can create any magical item with a value of up to 200,000 gp
You complete items at a rate of 4,000 gp/day.
CRAFT EPIC ITEM:
Prerequisite: Craft Major Item, caster level 20
You can create any magical item, no matter its value.
You complete items at a rate of 5,000 gp/day.
(I did caster level 20 instead of 21 on purpose. It doesn't really make much difference in the long run.)
There's also Metacreative (see the errata'd PsiHB version) and Magical Artisan (changed to -10% to base cost for all items)