Even within the necessary bonus-boosting items, there's a lot of diversity and less chance that you're choosing an item solely for its bonus. If you're going to choose a Level 5 cloak or neck-slot item, it's going to give you +1 to your Fort, Reflex, and Will. Period. All of them do that, so you don't have to worry about that. What you do worry about are the extra cookies, the interesting stuff that makes those magic items unique. Sure, whichever cloak you get is going to give you a +1, but do you want the one that lets you fly or makes you invisible? That's the interesting decision.