This review is overdue (as are all of my D&D ones), thus it will be briefer since this product is really a collection of properties, charts and rules. It lacks a lot of detail but at least I was spared any of the uninteresting fiction WOTC’s recent books have opened with.
Magic Item Compendium is an expansion and revision of D&D’s rules regarding most magical equipment.
The expansion element is the same as most of WOTC’s books; it introduces numerous new magical properties to apply on weapons, armor, gloves, cloaks, etc. Unlike DMG, the prices, caster level requirements and equivalent modifiers are clearly given at the beginning of the described item. There are also specific, semi-unique things too, such as fox-hide armor and a warlock’s scepter.
The revision element of Compendium has multiple parts. The first one is mainly philosophical—magic items are now broken down into four categories instead of the traditional nine. Weapons and armor remain, everything else is reclassified into either being a Worn Item or a Tool. This doesn’t eliminate the need for the appropriate creation Feats though yet it does make more sense to reorganize them this way because characters are limited on how many can be adorned at once. The second revision is less helpful, new treasure tables. Personally, I never found the previous ones in Third Edition useful either. Why is the amount of booty opponents have equal to their EL rating? Somehow 20 orcs wandering the forest have more gold and magic items than 10? I miss the old MM books stating an average amount of coins you could expect to find on the orcs the PCs slay. Players will dislike these too because I found them stingier on the quantity of magical goods found on NPCs and in treasure hordes. Maybe I’m reading it incorrectly but it doesn’t matter, I have my own system for NPCs and I will just use this or DMG for the cash element. The last revision is a whole chapter on using magic items: upgrading existing items, augment crystals, making relics, identifying, etc. Again, this will be a cherry-picking section for DMs as I feel it creates more arguments than it resolves.
Bottom Line: Compendium is worth the $35, especially if all the magic items offered in DMG have become routine, boring and predictable. It definitely will help DMs dealing with that player who has memorized the core books and can’t resist metagaming when a villain attacks with a thundering warhammer. The rules and tables really aren’t worthwhile for me, thankfully they take up very few pages. They’re extraneous because the DMs I’ve know are all creative, clever and thoughtful enough to resolve any nagging complaints about magic items or treasure distribution. I bought the book namely for the former reason and I’m gradually integrating bits and pieces as treasure for my players to discover as I have with Spell Compendium.