I think more complex and powerful items would naturally go hand-in-hand with fewer items, and thus, each item feeling more "special" - which may be yet another advantage to certain gamers.
Yup. It would be cool if characters would only need one, two at the most three magic items that would grow with them and have various abilities to "boost" them.
Maybe one could actually create a new type of magic system. "Items of Legacy" or "Bound Items" or something like that.
Flaming Sword (Bound Item):
Most Longswords that are found in ancient weapon caches or in the hands of an adventurer trace back to the City of Brass, but a few have been created by gifted artistans in the natural world, or spellcasters binding elemental spirits to the weapon.
A common ritual to bind a Flaming Longsword requires walking barefeet 30 paces on glowing coals. If the owner endures the heat long enough, the weapon will burst into flames when he touches it, but the wielder won't feel any pain and be left unharmed. If the owner did not, the flames will act like normal flames to him, leading to terrible burn marks and he must wait at least 30 days and nights to repeat the rituals. If he ever completes the ritual, the burn marks will heal almost completely, only leaving behind a small burn mark indicating the name of the smith or forge where the weapon. Some say that this mark is more than a reminder of failure - it is actually a sign of ownership, indicating that not the sword has been bound to its wielder, but the wielder has been bound to the sword, giving its creator power over the wielder.
Wielder Level 1-5:
+1 enhancement bonus to attacks and Armor Class.
Property (At-Will, Minor Action): All attacks you make with the weapon deal fire damage. You can end this effect as a minor action.
Property (Daily, Free Action): After you hit with this weapon and deal fire damage, you deal 5 ongoing fire damage (save ends).
Wielder Level 6-10:
+2 enhancement bonus to attacks and Armor Class.
Bound Item Property: You gain Resist 5 Fire and Cold.
Bound Item Power (At-Will, Minor Action): All attacks you make with the weapon deal fire damage. You can end this effect as a minor action.
Bound Item Power (Daily, Free Action): After you hit with this weapon and deal fire damage, you can choose to deal 5 ongoing fire damage (save ends).
Wielder Level 11-15:
+3 enhancement bonus to attacks and Armor Class.
Bound Item Property: You gain Resist 5 Fire and Cold.
Bound Item Power (At-Will, Minor Action): All attacks you make with the weapon deal fire damage. You can end this effect as a minor action.
Bound Item Power (Encounter, Standard Action): You can make a ranged basic attack with this weapon, treating it as a light or heavy thrown weapon with a range of 5/10. The attack deals fire damage.
Bound Item Power (Daily, Free Action): After you hit with this weapon and deal fire damage, you can choose to deal 10 ongoing fire damage (save ends).
Wielder Level 16-20:
+4 enhancement bonus to attacks and Armor Class.
Bound Item Property: You gain Resist 10 Fire and Cold.
Bound Item Power (At-Will, Minor Action): All attacks you make with the weapon deal fire damage. You can end this effect as a minor action.
Bound Item Power (At-Will, Standard Action, Weapon Power): Ranged 5/10: Strength or Dexterity vs Reflex, 1[W] fire damage.
Bound Item Power (Encounter, Standard Action): You can make a ranged basic attack with this weapon, treating it as a light or heavy thrown weapon with a range of 5/10. The attack deals fire damage.
Bound Item Power (Daily, Free Action): After you hit with this weapon and deal fire damage, you can choose to deal 10 ongoing fire damage (save ends).
Wielder Level 21-25:
+5 enhancement bonus to attacks and Armor Class.
Bound Item Property: You gain Resist 10 Fire and Cold.
Bound Item Power (At-Will, Minor Action): All attacks you make with the weapon deal fire damage. You can end this effect as a minor action.
Bound Item Power (At-Will, Standard Action, Weapon Power): Ranged 5/10: Strength or Dexterity vs Reflex, 2[W] fire damage.
Bound Item Power (Encounter, Standard Action, Weapon Power): Area Burst 1 in 10, Targets enemies only: Strength or Dexterity vs Reflex. 1[W]+STR or DEX fire damage.
Bound Item Power (Daily, Free Action): After you hit with this weapon and deal fire damage, you can choose to deal 15 ongoing fire damage (save ends).
Level 26+:
+6 enhancement bonus to attacks and Armor Class.
Bound Item Property: You gain Resist 15 Fire and Cold.
Bound Item Power (At-Will, Minor Action): All attacks you make with the weapon deal fire damage. You can end this effect as a minor action.
Bound Item Power (At-Will, Standard Action, Weapon Power): Ranged 5/10: Strength or Dexterity vs Reflex, 2[W] fire damage.
Bound Item Power (Encounter, Standard Action, Weapon Power): Area Burst 2 in 10, Targets enemies only: Strength or Dexterity vs Reflex. 1[W]+STR or DEX fire damage.
Bound Item Power (Daily, Free Action): After you hit with this weapon and deal fire damage, you can choose to deal 15 ongoing fire damage (save ends).