This is why the 3.5 rules are great. Who wants a +2 sword? Better to have a +1 sword with Warning or Valorous or whatever since there are no DR / "+3 magic item" monsters any more.
So, give the PCs a "named" +1 weapon at an early level and they can just add enhancements to it as they move up.
What if that +2 longsword your Fighter just found also granted him the ability to improve the skill of anyone making a Craft check in a 20' radius by the sword's bonus? Or your +3 armor made you smell good to those around you, regardless of your actual state of cleanliness and cultural or racial preferences?
I don't disagree with the concept, but if you gave me +3 armor of blood-bath and body works I would laugh, not be thank you.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.