Too complex an issue, frankly.. but I'd rather they didn't. They're just.. I don't know, they bore me.
I'd really rather 'glowing' equipment weren't added. Even something really, really subtle just.. meh, feels dumb. And if it's how game's like WoW handle glowing gear then .. urgh.
That said, I suppose gear that glowed subtly under certain circumstances, like while casting a spell (or while near orcs >.>) .. wouldn't drive me completely nuts. Maybe.
But all that aside, I would take a unique model over a flashy particle effect every time.
.. Then again you'd have to drag me kicking and screaming from using the basic gear models. I vastly prefer the look of the spears to the battle forks and co.
But then the pastoral canes look really nice.. hm.