I've come to think that the enemy of an interesting cursed item is rules.
Once you've laid your cards on the table about how precisely a cursed item functions then the players will (naturally) try and set about using those rules to see that they get the most benefit (if any) from an item while avoiding the drawbacks as much as possible. If the drawbacks clearly outweigh any benefits then they'll probably try and get rid of the item as quickly as possible.
This is sort of what I'm getting at.
I like the idea of players _getting_ a specific benefit. Preferably one that's strong. That's part of the reason _why_ cursed objects are able to keep claiming people in the first place; they offer power and people think they'll be able to use it and escape unscathed.
I _think_ a way of handling this is explicitly giving the character a benefit, but leaving the cost (what the GM gets when they cash in a token) unspecified is the (or one) way to get there. Especially if the GM uses them in a ...genre appropriate?... fashion.
In other words, the awesome slaying sword chops through enemies and the GM holds back, using a token here or there for an auto-crit or something, until stuff gets "real" and the villain pulls an escape from certain death. Not just laughing manically and auto-killing a character. Killing off NPCs that have become established in the game, all those sorts of things that you get in tv shows and books, but don't actually pop up in rpgs.
The black book is groovy. It's sort of going in a different direction than I'm thinking, it that it's become the plot or at least part of it. Nothing wrong with that, it's just that it's a...common enough?... approach, if you're not just jacking with players using a cursed item.
And that's kinda what I'm trying to get at here. A middle ground.
People blow through gear like a cheap hooker at a convention. Sometimes an item or another is the McGuffin, but usually gear only sticks around long enough until it gets upgraded.
I kinda wanna see cursed items showing up and actually getting play time. Developing the character I guess.
Hmmm. I seem to not be quite explaining things right. I'll have to go and give it a think and see if I can't do better.