It's been said elsewhere, but it seems to me there needs to be a way to vary time, expense and risk in creating magic items. The reason I think so is because in a 'low magic' campaign, for magic items to be cheap, easy and quick to create doesn't make any sense. Likewise in a 'high magic' campaign, for magic items to be expensive, time consuming and risky to create doesn't make any sense.
Since we know in advance that how low- or high-magic the campaign is will be a judgment call made by the individual GM, there should probably be ways to tweak those factors in item creation to bring them better in line with the general feel of his campaign.