No, Magic items are cool, but the fact that everyone gets their items from "Magic R Us" is dumb. I think everyone should have a magic item or two or seven, but it should be your magic item. not one you just bought with all your shwag.
I'm liking more and more the idea that you make the items magical, not some wizard who cast a "cool item" spell on it. I also like that they grow with you so when you first get your awesome "+3 Guitar of Love" and it's so cool, you dont have to go buy a cooler one 4 levels later because now the +3 bonus just doesn't cut it anymore.
Burning feats to magic up your items could get costly, so the obvious answer is to give more feats.