Honestly, I think the problem is that some players just have unreasonable expectations for what a powerful item should look like. (Largely created by things like Iron Armbands of Power or Radiant Weapons or whatever.)
The Holy Avenger, to me, seems just fine and where a rare item should be. Maybe it could use a slight boost - say, regain the Dispel power as an Encounter power, which works thematically and gives it a bit more oomph. But overall, I'm cool with it. Others disagree - fair enough. For me, it's pretty much on target... it is a bunch of other items out there that are in need of fixing.
The Holy Avenger, to me, seems just fine and where a rare item should be. Maybe it could use a slight boost - say, regain the Dispel power as an Encounter power, which works thematically and gives it a bit more oomph. But overall, I'm cool with it. Others disagree - fair enough. For me, it's pretty much on target... it is a bunch of other items out there that are in need of fixing.