in 3.x, I think a characters stuff is as essential to a character as their ability scores and character history.
For one, the rules assume you have such items. For another, most players take great delight at getting phat lewtz. On the other hand, it kills a lot of peoples fun if they feel like their characters are hobbled by insufficient funds, or the inability to get stuff that they desire for their characters.
Clearly, it depends highly on the gaming group. If they are roll-players, or role-players. Most people I think fit somewhere near the middle of the spectrum between the uber munchkin, goblins dropping Vorpal swords and the SCA, LARPER, guy that always stays in character and throws beanbags at strangers on the streets type.
For me...I like getting cool stuff. If I think of something really cool that I want my character to have, I usually mention it specifically. 'Hey, I'd really like to get a mithral breastplate, I totally cant afford it yet, but its at the top of my shopping list." It's a:not game-breaking, b:a basic core material, and c:the best dang thing available for characters that care about maintaining their mobility.
We're in a high level game right now at 19th level. that we started at first level like a year and a half ago in RL. Most of my characters items were acquired organically between like 4th and 9th level that we spent time getting enhanced along the way. There is the cloak we had tailored based on our 'group name' that started as a MW cloak that spent time as everything from +1 to +5 resistance. The sword that was gifted to me that has slowly evolved from a +1 sword to a +8 equivalent. The boots of speed I've worn since like 3rd level that haven't changed. The mithral breastplate and mithral buckler that have been around since I got my DM to relent and let me 'find' in Sharn. I think we bribed him with cookies for those, lol.
I am not sure I could name 5 American presidents(and I live here) But I can remember in order almost to the item everything my character has ever put on in a year and a half of gaming. Same thing with most peoples spells and class features etc. Most people remember the reasons WHY they choose certain spells, or why they decided to go a multi-class route, etc. Cuz those things are just as much a part of 'the experience' as the cool stuffs they find along the way. Which is why a lot of people would rather their characters die then have their stuff taken away or have their characters imprisoned against their wills.