I agree the current item list needs attention, I buy a large number of items in the 1500 - 2000 gold range, then it's pretty much just save up for MageSlayer (maybe get Narmoth's ring, but probably not).

I doubt a rework of the whole item system will happen overnight though.

Something else some of those more expensive items offer is the ability to stack a specific stat, but with a penalty. The mana hats for example. There's 2 that do almost the exact same thing but one is double the price of the other. If you were a real mana hog for whatever reason you could buy all 3 of these hats and never have mana problems. I've been thinking about trying this out with some of my healing builds so maybe I'd never have to return to base.

What should likely be done to correct the issue is to put varying amounts on +HP on all items, and have Helms deal with mana/regen, Chestplates deal with armor and hp regen, Gloves deal with attack/attack speed, Boots deal with speed/evasion, and Trinkets have misc. effects.  This would resolve a lot of issues with just about everyone stacking HP/Armor.

uh spector are you saying the armor/helms/boots/gloves should be like that or are like that because right now thats how they are and it works out very well?

Im not even talking nerf here, Im talking buff/adjusting.

Some of the items are a complete joke for the price benefit offered. Some of these items give such little extra buff for the extra cash.

IMO Parasite Egg, little expensive... for +30 attack +10% attack speed. I know you can use it as a stepping stone for a bit of gold, but +30 attack isn't much considering low end gloves do almost the same thing, really your paying for the attack speed.

Lets look at some of the items IMO that need buff/adjustments:

Dueliest Curiass: 3000gp, 5% for 1.5x crit strike. 350 armor 500 hp.
Nimroth is 750 armor and 500 hp for 1/2 the price. So your paying 2x just for a 5% chance for 1.5x crit, worth it? Not for me IMO unless Im getting tons of gold.

Vinling Helmet: 3300gp, 1050 mana, 70% mana regen, 3% chance on hit to restore 350 mana. 
Plenor Battlecrow gives same stats at half the price (1500), but doesn't have the 3% chance to restore mana.
 
Ironwalkers: 3750 gp, +3 hps minion, +275 minion armor. Grats 1000 armor when speed is under 5.
Little expensive for a minion buffing item...

Guantlets of Despair: 1750gp, +350 mana, 15% chance to drain 100 mana...
IMO Not very useful... but thats my opinion.... little expensive for a slight mana drain item, I rather buff my HP a bit take the hits from whatever spells then do minior 100 mana drain 1.88/12.5 attacks.

Desperate Boots: 5000gp, +400 HP, +350 Mana, 20% dodge when health under 30%....
Little expensive for the 20% dodge at 30% HP, rather save up a little bit more and get elven cloak, that way you get a buff speed on treads and you get way more dodge, plus you get some teleport.

Warpstone: 5500gp, Teleport ability
Very expensive for the shortest teleporting ability, the teleport has very little range, and although it may be helpful in the odd situation, the cost without any extra buffs make it a little expensive for a simple minor teleport.

GPG doesn't need slowing down any more though

Well Im not even pushing for additions.... just adjustments.... Simply looking at the logic of some items, or even if they can track item purchases in a game see whats not being used, or what is being used to much... then adjust items. 

IMO Many items need buffs to compete against getting same priced item that helps stack HP.