You can pretty effectively eliminate 90% of the 'need' for magic items in 4e by giving +1 to all defenses, attacks, and damage at levels 3, 8, 13, 18, 23, and 28.
More or less, 4e has a "big 3" as opposed to 3e's "big 6" or what have you. A character with only 3 magic items will likely want a magic weapon or implement, magic armor, and an amulet of some sort. This covers the bases I mentioned above, and will probably be more than sufficient.
But no, 4e does not completely remove magic item dependence. At low levels, the differences are pretty minor (5%-10%), but they become more pronounced at high levels, much like in 3e. Mathematically, the system 'expects' a character to have the above items. From playing both it and 3e, though, I would argue that there's a much lower need, overall.
-O