To put a little more detail into what I do in my game with more old school D&Ders...
I load up the character builder and toss on all the items of +1 to +4 levels I'd enjoy giving them randomly. This list is curiously lacking in items that are particularly boring or high-powered.
I then print up the item sheets and let each character roll randomly at the end of an encounter in which they've earned treasure - rarely automatically, usually for meeting some story or time goal (I use extra treasure to discourage slow play, I'll admit it). I also place a small number of more specific magic items as well. I actually give each a random sheet of 9 items and let them roll a d10 - if they roll a 10 they can pick the choice on the sheet.
So, like last session they had to decide between +2 Sacrifice Plate (paladin already had +2 mithril plate), Battlestrider Greaves (also for the paladin), or a Shielding Girdle one roll. And another roll between a +3 Amulet of Resolution or a Healer's Sash.
So... random, but only stuff the party would use, and they have significant control of the random.
I believe they also found a +2 wand of witchfire and a potion of vitality, and made about half a level - so yeah, a bit more treasure than usual but they were seconds away from losing out on the second random item so eh.