In regards to magic items and PC level, I've found that the best approach in 3e and 4e is to run a relatively low-level game (both PC and NPC), with slowish advancement and few high level NPCs, but the PCs have more than standard items for their level. It's particularly important in 3e because more items means less disparity between casters and non-casters. This actually gives a much more old-school feel than do high level but underequipped PCs.
The GM does need to control purchase & sale of items, though. The best approach is to limit what can be bought to low-powered stuff, limit sale price (4e does that by default with the 1/5 rule), but have powerful stuff findable in dark dungeons, in the hands of villains, and even gifted by the PCs' King, Temple, etc.
Anyone else tried a similar approach? Disagree vehemently?
The GM does need to control purchase & sale of items, though. The best approach is to limit what can be bought to low-powered stuff, limit sale price (4e does that by default with the 1/5 rule), but have powerful stuff findable in dark dungeons, in the hands of villains, and even gifted by the PCs' King, Temple, etc.
Anyone else tried a similar approach? Disagree vehemently?