Again, we're getting way ahead of ourselves.
The problem with the current usage by D&D 3.5 of the concept of Wealth by Level is that after a few short levels (seriously often times by like 5th level or less) the players are laden down with so many different items that offer little minor benefits here and there that they forget what bonuses and abilities they have.
If we eliminate the +X items, change magic items into things with useful abilities, but then keep the existing notions and practice of Wealth by Level, what we get is a bunch of characters with lots of interesting abilities, where 75% or more of those abilities come from equipped items and carried trinkets. Players will have an even harder time keeping track of what they can do, and may feel even less heroic than they currently do, considering their magic items, and not their build, is where the majority of their versatility comes from.
Wealth by Level, along with Challenge Rating, are at the heart of some of D&D 3.5's biggest troubles, arguably a lot moreso than the imbalance between classes and the uber power of magic. Those issues are/will be a top priority. However, I don't think simply keeping Wealth by Level as is and eliminating +X items solves enough problems, and it definitely creates new ones.