Shamelessly including a link to my script feedback (
http://larian.com/forums/ubbthreads.php?ubb=showflat&Number=633399#Post633399) which touches on itemization, tags, and runes quite heavily and is basically talking about the same thing.
I even touched on the fact that while Statuses currently are the defacto "bridge" between game and script, they shouldn't be. It should be tags, but we are just missing one or two critical things to make that happen.
That being said, I disagree that this is all that's keeping us from unlimited options. We need more dynamic ways to apply, prevent, and heal damage.