This reminds me of EQ2's itemization.
It got kind of crazy, especially where the epic weapons were concerned. They actually had to create a quest that stripped the effect from the epic weapons and made it a buff you cast since some of them (like the Dirge (AKA melee-focused bard) one) were so powerful and they couldn't be arsed to create a new epic quest line to upgrade the weapon (since they'd have to do so every content update. SOE doesn't have SE's resources)
Not that it's a BAD thing, mind you...having gear that has effects on abilities rather than just pretty things with stats on them would be a nice touch, if done right.
But i'm gonna have to go with my usual mantra: If they removed it, they probably won't be putting it back any time soon. Though the AF2 might have something like this.
Having more choices for gear is always a good thing...though again, as a former EQ player i'm not really looking forward to something like a "shrunken goblin skull earring" or "flowing black silk sash" situation