Keifer113 said:
The way I see it, the only thing a DM owes his players is a fun game. Everything else is subject to his discretion.
That said, there are several things that can go wrong with the approach of not giving a 10th-level character who has just joined your game an appropriate amount of magic items.
1. Some players do not enjoy running characters with low levels of wealth or magic (it's a playing style thing), which means that the fun factor for them takes an immediate dip.
2. This is made worse if there is disparity in the party, so that characters who have been played longer have more gear than those who have recently joined. Even if the new players accept the DM's explanations why this should be the case, their characters are not going to be as competent and will not be able to contribute as much to the game as the others, and the fun factor for the new players may dip further.
3. Especially for the first session, you should ensure that the game is fun for the new players if you want them to come back. Of course, if you have no interest in bringing new players into your game, this may not be a concern.
One statement that I disagree with strongly is the following:
I did not just give them the items I felt they would need or should have because I feel that by earning the items as part of the adventure, it would add to the character of the item, and give them some back story. "Oh yeah, I got this sword from the DM" is not as cool as "I got this sword from a bunch of trolls!"
Why is "earning" an item in-game give it more character than an item that a character starts with? Do players lack the imagination and creativity necessary to come up with a compelling story of how their characters obtained the items they currently possess? Wouldn't something like, "This is the sword forged by my great-grandfather, which he wielded in the Redshire war. This is the sword enchanted by my grandmother and given as a wedding gift to my grandfather. This is the sword that pierced the dark heart of Golraang the glabrezu in my father's hands, and it has thirsted for the blood of fiends ever since." be cooler than "I got this sword from a bunch of trolls"?