More common IME was purchase/craft of useful items that let you do stuff like see in the dark. A level 20 PC might buy/craft a useful level 10 item.
I think the original 4e system works ok - PCs typically find/are gifted items 1-4 levels above their level, while they purchase or craft items typically 5-10 levels below their level. Occasionally a group may pool resources to craft/buy an item of close to party level, or there may be a GM-determined special event where the PCs find a huge pile of treasure outside the normal reward system. I like how the latter does not break the game - a level 1 party that acquires several thousand gp in a treasure hoard, & has free purchase, is functionally the same as the GM allowing them a wish list of their level 1 (item level 2-5) items. This robustness was one of the things I always enjoyed about 4e. Of course it comes at the price of 4e items not being terribly exciting.