Unless it has a reasonably powerful in-game effect, then I don't care about the history of an item that is going to be lost and replaced by a new item. If I know I'm going to have to replace my item with a different one, then all it is to me is a minor prestige boost that I don't really care about. It doesn't actually enhance the game for me in any meaningful way.
If, on the other hand, I know that it's something that will be with my character the rest of their days, or at least a significant portion of them, without having to take constant care of it, then without it having any particular abilities -- even if it didn't give prestige -- it becomes part of my character's story. It makes the game more interesting, the world more deep.
So unless items were to actually have a meaningful impact upon game stats -- and I don't mean prestige boosts, I mean on the level that having them helps your realm win a war -- item turnover is a Bad Thing.
Items can last for YEARS. Can I make that any clearer? Besides that they can if people actually bother to invest in them offer decent bonus to stats. I've seen items that boost things like sword fighting by 10-15%.
I can see items ever having such a massive effect they help you win a war though, nor do I think they should. The are about the character, not the realm.
