That's because of a major switch in 4E, not only in design method, but in the game's philosophy too.
Basicly 4E is made to be more fun. WotC idea of fun on the player's side is "Do cool stuff, do it without effort". And you can find this throughout the game, not only in the magic items side of the system. Nothing's wrong with this, really.
You could find this silly (and I find this a bit silly too), but still, there's a whole lot of ppl out there who likes (and will like) the game WotC designed. I'll have a lot of fun with 4E the way it is too. No doubt, however, my long time playing group will continue enjoying the "old school" way more. And consider my long time playing group is not playing d&D, but rather a D&D inspired housebrew sistem.
Letting players know about magic items specifics is not old school.
Giving out X magic items every level is not old school. Nor it is giving away a fixed amount of gold pieces.
Making players write wishlistes is terribly not old school. (and beware, DM not accepting wishlistes =/= DM never giving out items or monsters his players love)
The fact is, 4E is not old school at all. It is just WotC school. It's supposed to appeal the masses, not old school players.