Taking a step back for the moment, why should unique items level with you?
On the one hand having the item magically change with respect to the player seems both cheap and unrealistic, on the other hand the player feels cheated when finding an unchanging gimped version of a weapon at a low level. There is a problem either way.
Why does the game need to present variations of unique items dependant on player level, why can't all (unique) items be fixed at the best they can be?
In the case of a weapon, for example, this comes down to the amount of damage the weapon can inflict when used by the player at their current level. If the combat mechanism is based around 'player always hits' then obviously a very high damage weapon in the hands of a low level player would be a game breaker. To counter this there are two options:
1) The damage done by any weapon is determined by the player's skill in the relevant weapon class. This does not have to be a linear scale so low player skill + a low skill requirement weapon can do reasonable damage, while low player skill + a high skill requirement weapon will do more damage but not excessively so. Some people hate this idea 'if I hit something with a hammer it will always do the same amount of damage, character skill shouldn't matter', which can be countered with 'the higher my character's skill the more chance of hitting a vulnerable area so my character will do more damage over time'.
2) Return to the 'player can miss based on their character skill' mechanism, with proper animations :rolleyes:. This limits the amount of damage inflicted over time while maintaining the feel of more powerful weapons. Some people hate this idea, 'I have leet gamer skills, why does my stupid character keep missing? Stupid game'.
So, there must be some way of controlling the effectiveness of unique items, for example, the amount of damage a weapon inflicts, or you accept a broken game. Which option do you prefer?
1) Gimped unique items but constant effect and player always hits.
2) Items that magically change throughout the game.
3) Fixed items, the effects of which are scaled with respect to character skill
4) Fixed items, constant effect, limited by chance to miss/fail dependent on character skill
Edit:
The poll, I almost forgot. Can't vote anyway as my preference is not on the list.
I do not like gimped items, stupid idea.
From my list above, I pick either 3 or 4. Items are not gimped and are not levelled, the effects of the item are governed by character skill.