For gear that's received through quests with lore significance (e.g. as a reward from Thieves Guild questline), the item should really scale up as you level. Currently, if I completed a quest at a lower level, I get a gimp version of the reward, even though I might still want to use the weapon or armor later on. Sure, the direct stats such as dmg can be upgraded, but effects can't.
For example, compare these two Nightingale Blade, one obtained when I was level 30+(?) and another generated from the console and notice the different magnitude of effects on it.
[img]http://i.imgur.com/nbPMO.jpg[/img]
[img]http://i.imgur.com/W60Yc.jpg[/img]