After a few more updates to the item list, I think the majority of items are now interesting and fun.
A quick look through the table (including today's not yet released changes), these are all the items I would rate perfect-near perfect or top tier - note that items with mostly support abilities such as movement, waterwalk, pathfinding etc will not be included even if they have high stats and are very useful. I consider them more of the "good" category than gamewinning.
(near) Perfect items
These are stuff I would possibly craft myself if I had infinite mana and skill to do so.
1. Sword 6 ATK, 3 HIT, Phantasmal, Resist Magic
2. Sword 6 ATK, 3 HIT, Exorcist, Phantasmal
3. Accessory 6 DEF, 20 Skill, Flight, Lionheart
4. Accessory 6 DEF, 4 RES, Divine Protection, Regeneration
5. Shield 6 DEF, 4 RES, Wraith Form, Invulnerability (perfect would be a plate mail though)
6. Sword 6 ATK, 3 HIT, Shadow, Phantasmal
7. Sword 6 ATK, 3 HIT, 4 DEF, Lightning
8. Sword 6 ATK, 6 DEF, Doom, Call Chaos x1
9. Accessory 6 ATK, 6 DEF, 4 MOV, 4 RES
10. Plate 6+2 DEF , Elemental Armor, Resist Magic, Invulnerability
11. Accessory 6 ATK, 3 RES, Divine Protection, Lion Heart
12. Bow 6 ATK, 4 DEF, 3 HIT, Phantasmal
13. Staff 6 ATK, 6 DEF, Doom, Flame Strike x2
Top tier items
And these are stuff that are amazing but I would not craft the exact same thing usually.
1. Accessory 6 ATK, 4 MOV, Regen, Invul.
2. Staff 6 ATK, 20 Skill, Doom, Destruction
3. Accessory 6 ATK, Lionheart, Merging, Elemental Armor
4. Staff 6 DEF, 4 MOV, 20 Skill, High Prayer x1
5. Bow 5 ATK, 5 DEF, 3 HIT, Holy Word x1
6. Staff 6 ATK, 20 Skill, Phantasmal, Phantom Beast x3
7. Sword 6 ATK, 4 DEF, Shadow, Berserk x1
8. Accessory, 20 Skill, Inner Fire, Wraith Form, Regeneration
9. Shield 6 DEF, 4 RES, Inner Fire, Invulnerability
10. Accessory 6 DEF, 3 RES, 20 Skill, Elemental Armor
11. Accessory 6 ATK, 4 MOV, Lion Heart, Inner Fire
12. Staff Teleportation, Call Chaosx3
13. Armor 4 DEF, Lion Heart, Inner Fire, Invulnerability
14. Sword 6 ATK, Haste, Phantasmal, Haste spell x1
15. Accessory, 20 Skill, Lion Heart, Elemental Armor, Regeneration
16. Accessory, 20 Skill, Flight, Divine Protection, Elemental Armor
17. Sword, 6 ATK, Flaming, Exorcist, Crack's Call x4
18. Staff 6 ATK, 20 Skill, Lightning, Warp Lightning x3
19. Staff Spell Save -4, Disintegrate x3
20. Shield Divine Protection, Flight, Lion Heart, Invulnerability
21. Wand -4 Spell Save, 20 Skill, Death, Annihilate
22. Staff 4 RES, 20 Skill, Teleportation, Healing Charge x1
23. Staff 6 DEF, 4 RES, Supreme Light x1, Exorcist
24. Accessory 4 DEF, 20 Skill, Divine Protection, True Sight
25. Axe 6 ATK, Exorcism, Haste, Phantasmal
26. Shield 6 DEF, 4 RES, Elemental Armor, Resist Magic
27. Plate Divine Protection, Wraith Form, Regeneration, Invisibility (and 2 def for being plate)
Impossible items
Item you cannot craft since they contain something not available for crafting in that item type, or at all normally. Impossible stat is bold.
1. Sword 6 DEF, Elemental Armor, Magic Immunity, Exorcist
2. Accessory Flight, Teleportation, Regeneration, Magic Immunity
3. Accessory Divine Protection, Planar Travel, Haste, -3 Spell Save
4. Staff 6 ATK, 3 HIT, Lightning
5. Accessory Divine Protection, Lion Heart, Invulnerability, +6 Resistance
6. Wand, 5 Resistance, 20 Skill, -2 Spell Save, Divine Protection, Exorcise x2 (5 powers)
7. Accessory 6 Attack, 3 Movement, -2 Spell Save
8. Sword 3 Hit, Death, Phantasmal, Wraith Form
9. Staff -4 Spell Save, Death, Invisibility, Wrack x1
10. Sword Lion heart, Shadow, Regeneration
11. Accessory Inner Fire, Wraith Form, Invulnerability, -3 Spell Save
12. Accessory 4 DEF, 20 Skill, Lion Heart, -3 Spell Save
13. Staff 6 ATK, -3 Spell Save, Invisibility
14. Accessory 20 Skill, Planar Travel, Invisibility, -3 Spell Save
15. Staff 6 ATK, 6 DEF, 3 HIT, Haste (wand with 3 ATK is possible, Staff cannot have hit)
This means about 6% of the slots are used for ultimate items, and about 22% are either very good or contain otherwise unobtainable stats.
The remaining ~72% of the slots are used by low or medium cost items, and I revised most of those to make sure there are more interesting ones than before.