I would certainly like there to be crafting rules, but I would like it to be more of an accomplishment and point of pride than subtracting X GP/XP, waiting an hour, and adding a new item to the character sheet. I would also like to make them more rare than the assumed quantity in 3e and 4e. Eliminating the need for +X weapons and armor would go a long ways toward this.
Some sort of in-game penalty for crafters would be welcome in order to offset some of the materials costs, like the white dragon blood mentioned above. A full year seemed a little harsh though.

I could see making a crafter spend a healing surge (or the 5e equivalent) or taking a temporary penalty to Constitution (to represent exhaustion) for a few days after crafting. Limiting crafting to once per full rest or once per week or once per month might help.
In my 4e game I often give out magical components from mystical locations or slain creatures that can be substituted as part of the material cost for magic items. For example, a displacer beast hide could pay for 4,000gp worth of a cloak of displacement. I would hate to see this as a requirement though, because I could easily see a campaign being thrown off-track while the group spends a year questing for item creation materials.
For the non-4e players, item rarity was introduced about the same time as Essentials. Simple items that added +x to a resistance, weapon, armor, resistance or other defense were made common, items with one or two use-activated powers or properties were mostly uncommon, and items with multiple properties and powers were made rare. Item crafting by player characters was limited to common items. As a houserule I allowed characters to "reverse-engineer" found uncommon items and learn them as if they were rituals, allowing them to upgrade the item to a higher-level version or craft a new copy. This worked out pretty well and helps move item crafting a little further away from mundane to magical.
So to sum up, yes there should be magic item crafting. It should be "more magical" without going wild on unbalancing effects. It should be more rare and difficult than the assumption in 3e and 4e but not have onerous requirements or unfair restrictions. Also, I want a pony.