I'm perfectly fine without it. I think it's cool to a degree, but like every body has said the glowing wrap around enchanted items is annoying and much more often than not has me using just regular old stuff, even if the said enchanted item is MUCH BETTER. Which I'm perfectly ok doing yet again.
How 'bout the said enchanted item only glows or does whatever magical effect, when it's effect is in direct use?
For example, say you have a sword with fire damage- why not when you pull back to begin your strike maybe some embers (or flames depending on the amount of damage) begin to stir and blow down the blade as you strike. So it's not all like "Look at me I have a glowing sword! It must be VALUABLE! (or good!)" Maybe the weapons of LEGENDARY status could have some ominous, residual glow?
As for Armor- maybe say it's extra shield defense, maybe it could glow in the area it is struck, when it is struck.
If it's an attribute enhancer... Um... I haven't thought of anything yet.