I voted other because, I think if they do stay, they should be based on level, not just the item. Honestly, it wouldn't hurt the game to get rid of them (it makes balancing the Random Number Generator easier), but you can make it work.
I'd say stat boosting items and other "plus" items (magic swords and what not) should just be magical. The exact bonus comes from your level. This gets rid of the need to continually upgrade your crap to stay level appropriate.
So, instead of Gauntlets of Ogre Power +2 or a Belt of Giant Strength +4, you now have Gauntlets of Ogre Power and a Belt of Giant Strength. Period. If you're level 5 - 8, it's a +2 bonus. If you're level 9 - 11, it's a +4 bonus. If you're 12th level or higher, it's a +6 bonus (note that I'm just using 1/2 WBL values here for example. These numbers are completely up in the air at this point).
The same goes for other "plus" gear. You simply have a Magic Sword. You can add things like Flaming, and Vorpal to it, but the bonus comes from your level.