I now finished my 3rd EA playthrough and somehow the magical items seem to be for the most part too interchangeable. Of course this might be because almost all of the weapons have a +1 modification. However also considering their abilities it doesnt seem to make a big difference if I use a regular sword/axe... or one of the magical items... they simply do not feel "special" enough.
In BG1 and BG2 I would read through all the histories of the different items and the special abilities of the weapons felt more diverse/useful (e.g. the necklace of poison protection, Mace of destruction, girdles of Giant Strenghts, Axe which would have Acid damage against trolls, sword with silence protection, ring of free movement after an end boss, cloak of charming...).
The only two items which I would really miss would be the amulet of lost voices and the circlet improving magic missiles. Also there seems to be like a million amulets, however not a single cape, too few rings, only one special bow... maybe still too early, however would be great if there can be a little more diversity/simply items feeling more special.
Personally I would also very much appreciate adding more lore by giving magical items background stories... (can also be added at the very end).