candidus_cogitens said:
I have been thinking about a related problem. What I want to avoid is a PC that has a half dozen magic items. It seems to me that your magic items should be few and precious.
My solution: see separate thread "Items with Opposed Alignment."
Then you don't want to play D&D by core rules. I play in a weekly campaign as core-ruled as a game can get, and our 14th-level group has magic items out the wazoo. My character alone has, oh, 45 magic items when you count in her hoard of scrolls and potions. She has every wearable item slot filled, not to mention a miscellaneous items such as her Heward's Handy Haversack, her wand of Cat's Grace, her Scabbard of Keen Edges, etc. She's got all this, and according to my DM she's very near her target wealth for being 13th level.
The game is balanced with magic items in mind. If you start tinkering with wealth levels then you need to tune down monster CRs appropriately, and reconsider such things as energy immunites, Spell Resistance, and Damage Reduction, because monsters with those abilities were built ASSUMING like-leveled characters will have the appropriate gear to overcome or mitigate such obstacles. If your 7th level fighter in your low-magic world still doesn't have a +1 weapon and he's encountering monsters with damage reduction, you've screwed him. Plain and simple. I'm not trying to tell you how to run your games, just be advised that the core game is balanced with a certain level of magic items in mind. Reduce or remove those items and you need to tone down the encounters as well. Also, be aware, that as levels get on, spellcasters come into their own and start becoming insanely powerful. If your 16th level fighter is still toting his good ol' +1 sword in your low-magic world, then your wizard shouldn't be plane shifting and smacking people around with delayed blast fireball either. And now we're no longer talking about D&D, but some other d20 game.
Food for thought, is all. I like the idea of characters possessing only a few special magic items too, but the reality is that D&D is not balanced that way. Might I suggest Wheel of Time d20? That seems to be closer to what you're looking for.