1) Lothlorien cloak
Currently there are elven cloaks in the game. But due the LotR we got several of different elven-kind in the Middle-earth... Lothlorien cloaks is very special and has to give A LOT of stealth. Lothlorien cloak could be high-lvl version of elven cloaks and give more stealth and armour.
Its how such cloaks could hide you 
Lothlorien cloak of Galadriel
It could be true-artifact - very special cloak made by Galadriel herself.
2) New item type: horn
It used in special slot (tool). When you use horn - monster in close-area (8 squares?) become stunned for 1-2 seconds and then slowed for some time. Or may be just feared? Anyway, very useful! The only problem that its waking up whole lvl
So it could be "last chance" call, when you are trying to survive.. Also it would make agro-items users a bit more powerful (atm almost nobody using agro-equipment). Of couse using bow several times you would receive diminishing returns.
Boromir's horn
It could be a true art artifact. Its not only stun/fear and slow enemies, but also damaging them with sound damage.
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Its would be fun to find more different items.. They have to be non-critical to game balance, cause it quite perfect right now, but make some sense.
What is not critical for game balance? Its food and tools.
Food
Almost everyone using scrolls of satisfy hunger right now and it makes eating a bit boring... May be add some food which would give minor buffs? (I wrote examples of it in "fishing" - http://www.tomenet.eu/phpBB3/viewtopic. ... food#p2366 ). it could be fruits, vegatables, meat.. honey
Not too much of new items, but a bit of them to make world more alive. Maybe replace food rations drop at high lvls with this, new food - so it wouldn't influence much at loot tables.Tools
I think concept of tools could be expanded a bit. There could be quite a number of different new tools which wouldn't change much in the game but would give some new fun
For example:1) glasses which increase searching..
2) item which makes recall faster - it could be a magical earring
3) Bag. It's in the air for a log time I suppose. Bag or sack which could be taken to tool slot.. Player could [A]ctivate tis item and add there, for example, 5 other items to hold. It would be nice to have such thing - you don't need to go back to town to often with such item..
4) Rabbit's foot - increase magic throw a bit
5) Four-leaf clover - increase magical device
6) Horseshoe - increase luck
7) smoking pipe - if you activate this item it would restore your sanity (very slow, but still).. Also there could be animation of smoke around..
My dream - to smoke a pipe at Bree!it could be long list.. Idea is clear, I suppose
Most important there - to make influence at current game balance as low as it could be. Its more fun item than serious instruments (exept bag and pipe) - but they would make game more cozy -----
Add new true artifact "One Ring".. give it as super-rare item to Smeagol drop. It low-mid lvl artifact - gives invisibility, esp evil, +1 all attributes, permacursed. Why its not so powerful as other rings? Cause it give a lot of power only to its Owner (to Sauron of course)... Other gains only small amount of power. Quite logical
its already there lol. funny that I didnt notice it in the ~6 list
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Some time ago there was a suggestion about "magic book" equipment.
I got another idea for mage weapon:
Ritual dagger
It drains mana from monsters when kills them (like a vampiric weapons, but drain not hp, but mana hehe). So there would be possible to create hybrid mage who fights with a dagger in melee and with magic from distance
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Rod of feeling
Tell you lvl feeling (even if you didn't waited 2 min at previous lvl)
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Weapon chain
Tool slot. Reducing chance of weapon disarming
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Stamina +items
It would be fun if there would appear +stamina items.. Also would be great to see more skills for melee characters to use it
Recently +life weapons was nerfed... so maybe +1 life 1-h weapons could give some stamina instead?
Make it possible for any monster to drop this paint. So even at low lvls players would be able to aquire rare item (veery low change, but still)