Lanefan said:
At low level, who are the higher-level people the party turns to for help if they need a comrade raised, or to cross a long distance in a hurry?
In previous editions, maybe. 4e has rituals for that sort of thing, so raising the dead no longer requires a high level cleric who could probably overcome any challenge suitable for low level characters by himself.
Lanefan said:
At mid level, who is the party's competition?
Who says they have competition?
Lanefan said:
At high level, where do the replacement characters (always needed by any long-term party as players and characters come and go) come from?
You don't really need enough new characters during most campaigns to create an efficient magic item market.
Lanefan said:
To avoid all these problems, one has to assume there are other adventurers out there. Given that, those adventurers are naturally going to be selling gear they don't need, and looking to buy what they do need, and will eventually hear about/come in conact with your PC party. Selling will result...and those transactions won't be at 1/5 value either!
Depends how big your transaction costs are (finding someone who wants to buy what you've got, etc.) Heck, given the ROI of a day of adventuring in most campaigns, you'd loose money if you have to spend even one day finding a buyer for your old magic sword. Your old magic items are probably at least 5 levels old, so one treasure parcel is worth more than the five level old magic item even if you could sell it at full price. One treasure parcel per day is way below average for adventurers, so if it's going to take a day to find someone who will buy it, you're loosing money trying to sell the sword.
Now, a world where adventures are plentiful is a perfectly valid one. Hell, Ptolus is my favorite campaign setting and there adventurers are practically tripping over each other. However, it's far from the only way to play. To me, at least, a points of light setting implies that heroes are few and far between, otherwise there would be a lot more light. This is probably part of why, in addition to game balance, the resale value of magic items was set at 1/5.
IIRC, at one point the designers didn't want to allow the buying and selling of magic items at all (hence the ease of enchanting and disenchanting items).