I'm thinking this idea is from a misinterpretation of the rules. Regardless of whether a power is At-Will, Encounter or Daily, the only time you can't use it outside of combat is if it requires an "enemy" to target (most Attack powers).
If your Eladrin is walking through the village and wants to
Fey Step up to a building's roof - done. He just can't use it again for 5 minutes.
Longer ranged teleportation is available as early as 8th level with the
Linked Portal ritual.
making magic items. i love the fact they took out the xp cost but now it seems im limited to what kind of items i can make. and lets not forget wands, no more 50 standard charges, now i can only use it once per encounter if id like to use my wand of fireball or even magic missile.
The XP cost was introduced in 3E, and I'm glad to see it go as well (2E
gave you experience for making items).
Most of my thought on items echo Henry's - I'm using the Inherent Bonuses so I can custom make items for the characters and not worry about when they get them.
For your concern about how often wands can be used: the way I look at it is you only grab a wand if you can't use a specific power, or aren't sure how often you'll need it. If you're a combat Wizard, take the Magic Missile and Fireball powers. Leave the wand for the Bard or Swordmage in your group so they have extra versatility.