hold on, this is better

I'm obsessing on this a little, but I think I have a better plan for 4e magic items.

First, lets just scrap what's already there. They suck and suck some more. Let's keep the levels (and the static bonuses they provide to various numbers) and slots. But let's redefine what they do.

Weapons (including implements) provide attack and damage bonuses and Striker Powers
Armor provides AC bonus and Defender powers
Hands provides Controller powers
Neck provides Leader powers
Feet provides Striker Utilities
Waist provides Defender Utilities
Arms provide Controller Utilities
Rings provide Leader Utilities
Wondrous items (including companion and mount slots) work as is. consumables work as is.

Each item has a rarity based on what power or utility it provides.
Common: at-wills
Uncommon: encounters
Rare: dailies
Very rare: paragon encounters
legendary: paragon dailies
epic: epic destiny daily

Bonuses (to attack, damage, or AC) are based on the items level (as normal 4e). The value (in gp) of an item is based on the level and rarity.
Common -10%
Uncommon -5%
Rare = base
Very Rare +5%
Legendary +10%
Epic +20%

Examples:
Longsword of Nimble Strike. This is a +1 longsword that allows any character to use the Ranger ability “Nimble Strike” as an At-will power. It is a common level 1 item.

Plate Mail of No Mercy. This is a +6 suit of Plate Mail that allows any character to use the Fighter Ability “No Mercy” as a daily power. It is a rare level 29 item.

Fort/Ref/Will bonuses become static and not tied to an item. You just get them.

Making random tables for this is simple. It makes items much more valuable and generally more useful.