Why does it have to be "all or nothing" in this thread? I really don't see why we can't have something subtle that accentuates MAGIC RELATED GEAR. This is a fantasy game after all, with spells etc.

The kind of effect I'd like to see are things like this:
- THM Ele staves (with the blue/red/etc crystal ball on top) have a slight glow to the crystal itself, seeing as they are teeming with magic
- Specialty weapons like Frostbite and Flametongue have a vein or a few veins of fire/ice embedded in them, that maybe pulsate slightly like those mice that change colours in the dark
- Lantern Shield effect is not over the top, let's use that as a basis and expand upon it

Imagine this scenario:
You walk into your local antique shop searching for something unique. The clerk tries to interest you in an ornate wand of sorts, it's pointed at one end with an elegant handle... and atop the other end is a red gem, it looks dull, almost painted, nothing like a ruby or special stone might look. The clerk insists this wand possesses the magical power of flame, are you inclined to believe? Rare gems in real life sparkle, and it can be subtle depending on the cut, why not reflect this similarly to add value, and an aura of mystery to our magic equipment?