JoeGKushner
Adventurer
That's my feeling, too. It should be possible for a PC to get their hands on any reasonable item, but they have to make it happen; I as, the DM won't just drop the item that they want into the next treasure hoarde. Hit the books, consult sages, then go on an adventure to get your magical goodies.
One of the things that puzzles me about these statements, in terms of getting reasonable items, is that older adventurers are packed full with magic items. Often, especially with rings, those items are certainly not level appropriate. It almost seems like some are saying that if the player wants that sword X they that is already part of the packaging, they'll go out of their way to switch it to something not desired by the player. "oh, he wants a +2 two handed sword does he? Even though this prewritten adventure has one here I'm changing that to a +1 great trident. Screw him! He wants that sword he'll hunt it down to Odin's halls!"
In terms of the game as written, how far is it stretching it, in any edition, to make these item swaps? What if the power level of the item players find in the random loot is higher. Has the GM shown that random loot is superior or does lack of even acknoledging the wish list existance prevent them from even knowing it?
The wish list sever several types of wish fufillment ranging from mechanical bonuses to themes in my opinion.