Just Throwing out ideas here. But so far i've only seen SUPER SERIAL items. like, what about some ridiculously fun items?
what if there was an amulet, then when you hit, it has a certain percentage of doing something really random. Some ideas included in this may be body transformation. And it's not limited only to affect other chars, it may even harm yourself. Imagine yourself in PVP or w/e is used to match players versus players, and you hit somebody, and all of a sudden, now you are turned into a rabbit. Or how about being turned into one of those assault beasts?
and it doesn't have to be limited to just body transformations, what if it also had really random effects, huge negative attack/strength bonuses, or maybe a huge shockwave, or a chance that when the enemy tries to do a special skill/attack, the energy they use to prepare it is randomly combusted. Or you can hit somebody, and since this is a powerful helping/hurting amulet, you get knocked back, and you try to hit again, and all of a sudden you're frozen.
i dunno, i think really random effects would be fun in player competition. Transformed chars, don't necessarily have to be turned weaker, just maybe given an odd skill set not from their normal ones, so that a barbarian can be at odds with a rabbit.