I appreciate the goal of defining PCs by their own powers, not that of their gear, so I have to ask . . .
Why can't PCs do any of that cool stuff?
If 4e let players turn invisible constantly (like Bilbo's ring), or mind control a dragon (like the Dragon Orbs in Dragonlance), or control the four winds for more than a single attack an encounter, I think I'd be less inclined to complain about the crappy magic items.
For instance, let's consider an epic destiny,
Avatar of Death.
You are, according to the flavor text, 'not simply a cleric;
you are the Raven Queen incarnate.' At this point in the game you are perhaps the most powerful mortal servant of the god of death, and so you'd obviously expect some unnatural power over life and death. Well, let's see:
- You ignore necrotic resistance. Mechanically useful.
- You don't die very easily. Well, that's actually kinda cool, but by this point you've probably popped up from unconsciousness mid-combat a hundred times, so it's not really epic.
- You kill weak things in an aura.
- You keep people from healing occasionally, for a few little while.
It's all combat stuff, and not very epic. C'mon, toss us a bone here. How about some flavor, like, you can look at a dead creature and know its name and how it died. Or you can use the ritual speak with dead at will. You can will a creature that would die to hover at death's door, denying it its judgment as long as it serves you. You can summon the spirits of all the creatures that have died nearby in the past few minutes, and set them upon your foes.
Sure, from a cost perspective, most players won't reach epic levels, so devoting large page counts to awesome abilities they'll never use might seem like a waste. But hey, you could include some of that stuff at paragon, couldn't you? Heck, most of that stuff doesn't even affect combat balance. You could give it to 1st level characters if you wanted to.
I'm just saying, there is a paucity of compelling magic in this game. Saying that you can't have cool things because it would unbalance the game is a weak excuse.