Well... I'm pending to the side of creating a bunch of different items with some stats. We can create prefix status and suffix status. For example:
Prefix - Flaming (+ fire damage)
Item - Bastard Sword
Suffix - Alacrity (+ attack speed)

Composing the name would be: Flaming Bastard Sword of Alacrity. This sword would have extra fire damage and would increase the user's attack speed. This is a quick example I came up with. The Fire Bastard Sword of Alacrity would be very much like in L2 having a Bastard Sword - Haste (SA) with fire elemental stone enhancement... Just with a dnd-ish weapon name.