It looks like the LFR Global Admins have pretty much nailed how magic items will work after D&D Essentials becomes part of Living Forgotten Realms. Yesterday M. Sean Molley (posting as soccerref73) provided us with a preview in the article LFR Campaign Guide: Upcoming Magic Item Changes. Although the details are still not 100% finalized, this looks and sounds like a solid model and they pretty much say that in the article.
They’re never going to please everyone, but I think these changes sound fair and will please most of the people most of the time. They are still asking for your feedback so be sure to leave your comments. They’re especially concerned about gaps or loopholes that they might have missed.