I really think people overestimate the itemization system in D2, especially when it came to rares. Sure it was nice that rares *could* be godly (ala rare circlets), but it was mostly getting +3 to your specialized skill tab. The other stats were no more interesting than All Res and other stats from D3. I loved D2, don't get me wrong, but it's itemization had tons of problems as well, and I know I mostly played it because I liked the repetition at that stage in my life.lso what was very cool about D2, was the fact that the most expensive items were indeed yellow rare items, which could generate many different affixes that made this item godlike and very expensive. In D3 there is no depth in itemization. The only upgrade you can get is 20 main atribute or 10% more critical hit damage, which doesn't encourage you to further grinding/farming/exping whatever you feel like doing.
I'm not at all saying that D3 doesn't need some itemization work, or that a suggestion like the one in the OP wouldn't be awesome and welcome. But when people try to analyze why D2 was successful, I often see more flaws that would bug me today than I see examples of how to move forward in D3. The thing I like about the proposed system is that it can also function as sort of a "rune word" type system, using existing items to combine into either something with the potential to be better (like better stats), or used to create a totally new item from the old ones (essentially the same as adding runes to a socketed white item). I do, however, hope they don't make the new items soooo OP (like enigma) that it overshadows the other items in the game. Powerful but not overly silly would be ideal.