Magic really needs mystery to feel right. A wand of lightning bolts, for example, is infinitely cool and does provide some roleplaying possibilities, but it is too predictable and known to ever feel magical. In fact, its more like a sort of cannon that a wizard carries around with him.
Numerous attempts have been made in the past to address these issues, like for example nerfing the identify spell so it doesn't identify the mechanical attribtues of magical items. This is quite good, as the players do not necessarily know everything about an item; although knowing an item is a wand of lightning is pretty much all they need to know to figure out everything about it because they already understand the lightning bolt spell.
I'm wondering if the problem is not the players, but the source material. The item flows out of the pages of the rulebook to the adventure, the DM and finally the player. But what if the item text was very different?
Instead of saying a wand of lightning, what if it simply said a wand that hums with static? What does that mean? The onus would be on the DM then to create something new and unique. Does it throw lightning bolts, electrocute people, create loud noises like thunder, power devices ... or something else? The DM would be forced to make decisions, appropriate for the players, as to what the item does, what it is called and how much information identify can give about it.
Magical items might just feel magical and unique.