I agree with Henry/ Mary on the idea of New points just being used to create the same old magic items.
However "This is ARCANIS!!!!" (rawr sound) and I think we as a group might be making a fundamental flaw, we are tying "magical" directly to " mechanical bonus " what would a system look like if we decoupled those things, and why would it still be useful to do....
(as an aside, there is a argument about the possibility of needing bonii at higher levels, but this isn't the place for it from my POV)
So lets take a Page from Hats book ( and HOLY cow man, i cant thank you enough for this) lets define the problem we are trying to solve: We want to make cool interesting magic items, AND we don't want to turn it into a 3.5 style magic item shop.
"The world is not made up of atoms; it's made up of stories." - Muriel Rukeyser
The core of what makes an item cool is the story behind it, the croatalus gauntlet (FIM 1) the Awesome anti ssethric hammer from the 3.5 FiM ( somone remind me the name?) all have great stories.
Here is an example of a story to a piece of armor. Just plain jane
Quote:
Næfre Eft “Never Again” Exceptional Milandisian Gothic Cuirass
This Armor is made of Blued Steel and sea snake skin with a cresting wave emblazoned on the front. This armor has been in Delbert’s family for longer than anyone can remember, being passed from father to the eldest son on his 18th birthday. Delbert’s father was not a warrior so it remained unused in a place of honor above the mantle.
Inscribed on the inside are the names of all of the previous owners of the armor, but his list is incomplete due to repairs made to the shield over the years. Many remnants that are unusable for repairs are kept in a chest and passed along to preserve the history of the family.
Now it would be awesome for magic tricks to be part of this armor. Some examples:
walk on water for 4 ticks (or run really)
never rusts
easier to don
you can sleep in it
it weighs less
ability once per day to produce a strong blue light for 12 ticks
it customizes itself for the wearer
... and so on
things like that may or may not change the story of the item, that all depends on the player, but it would certainly make the item cooler without bumping the "power level" of the item.
on the other hand it might be that Ive earned enough "New Points" to totally get something new to my character, ie i can get rid of this old steel whip and use this new steel whip that I've paid for in some fashion (money and points) and then I'm creating all new story with my character and the item