Arcanis is in part defined by the fact that it initially used the D&D system rather than it's own. It was high magic item because that was the norm for the system. It's very clear though that the world of Arcanis as envisioned is far more about the heroes than about any gear.
If we're talking high fantasy then it's probably worth going back and looking at the founding of the genre. I think Arcanis is far closer to Tolkien's Middle Earth. In the Hobbit through the entire book, there were 3 magic weapons found in the lair of the trolls, 1 magic ring as the driver for the plot and nice weapons and armor within the Halls of the Mountain King. You can maybe argue that the Black Arrow was a special magic arrow. From that perspective you had the Company which consisted of Gandalf, Bilbo and the 13 dwarves and through the entire story arc those were the only magic items they saw.
If you look at the Lord of the Ring series, there are very few additional named items that the Fellowship either starts with, reforges or finds.
If I think about the genre as a whole and about popular series within it I still have a hard time coming up with a lot of magic items mentioned or given. The Riftwar saga by Feist comes to mind. That was written using a game he ran as the core. Outside of Tomas and his dragon's gift which was a major plot driver, there weren't a ton. The Black Company novels by Cook has very little other than the Standard. The Jhereg series by Brust has a few, but mostly in weapons which are readily available in Arcanis as well.
So, if Tolkien's Middle Earth is closer to the way to think about magic items and gear, I would say it's pretty much right on target.
Returning to the specifics of Arcanis, most characters will never reach an 8 Charisma. As such, they have a practical limit of between 4 and 6 items they can be wearing at any given time. Some items will be used from Tier 1 to Tier 5 because they're practical and useful. To me this sounds more like 2 - 3 magic items earned at most per tier plus various weapons and armor. I think it will be incredibly rare to find exceptional quality armor before late Tier 2 or Tier 3. The value it has is huge. Exceptional weapons are far less expensive and are being found. There's still an opportunity to add various runes to them.
I think there are opportunities to add interesting mundane items that will have particular significance. I go back to the idea I had earlier of making a drinking horn from one of the horns or teeth of Uhxbractit. It would have no magical properties or likely resale value, but it would have made a lively RP hook.

Personally I'm glad it's about the story. I'm extremely glad that the rewards provided aren't decided by the tier of difficulty you play. People still want to play everything with a character so they can advance it in ranks and get that cool new weapon trick or spell or autocast level or Path. That's focused on the character and where I think they want it to be.
Respectfully and with a sweep of his hat,
Paul