I think everyone has one or two pieces of gear that he just loved, for example the jeweled bows from early level (20) i think. It would be great if players had the option to upgrade their old loot as well as farming for the new stuff. You could pay to upgrade damage at one of the NPCs in town, and then go to ella the enchantress and pay for enchantments like m/s, h/s, crits, etc.

There would have to be a limit on how many enchantments an item could hold, and a damage cap at the highest level (perhaps equivalent to new equipment). There would also need to be a cap at each level for m/s, h/s, crits, etc.

It would be nice if the old gear wasn't useless five levels later, and we all have those favorite pieces that we'd like to use again.