Cursed items, as they exist in 3E, and presumably earlier, just serve to annoy players, and they don't really have any benefit to the story that can't just be replicated with some random spell.
I would like to see cursed items in 4E, but as others have said, they should actually have benefits that make the curse worthwhile. In fact, cursed items should probably be more powerful for their cost than an equivalent uncursed magic item, with an appropriate drawback. Essentially, the curse results as a cost for the weapon being ore powerful than it should be, a penalty for item-crafters and item-users who try to shortcut the laws of the universe and get more than they paid for.
Weapons that drain the life from their user, curse him with misfortune, or refuse to hurt certain kinds of common enemy are all interesting, useable, and can be used as part of the story. A weapon which is just useless, or only serves to hurt the user, is just a way for teh DM to punish players for doing what they are supposed to do (which is pretty illogical, if you ask me).