Today, Wizards release two excerpts; one concerning magic items and another concerning quests.

Magic Items

While not “new” information per se, the article confirms that magic items are more specialized.  For example, magic boots will always confer bonuses and effects related to movement.  No more boots that confer a +4 enhancement bonus to damage.  In addition, magic items have levels designed to match the average level of the character wielding it.  This should make it much easier for DMs and players alike to determine an appropriately powered item for their level.

There’s no restriction on using or acquiring items based on their level, except that you can’t use the Enchant Magic Item ritual (page 304 of the Player’s Handbook) to create an item above your level. If, for some reason, your 10th-level character finds a 20th-level magic sword, you can use it to full effect.

You can now identify a magic item during any short rest period.  I assume this “spells” the end for the identify spell (the pun was too good to pass up).  This doesn’t apply to all magic items though.

Some magic items might be a bit harder to identify, such as cursed or nonstandard items, or powerful magical artifacts. Your DM might ask for an Arcana check to determine their properties, or you might even need to go on a special quest to find a ritual to identify or to unlock the powers of a unique item.

Magic items costs are now fixed based on their level.  However, their actual purchase prices will be based on supply and demand, presumably determined by the whim of the DM.  Here is an example magic weapon:

Flaming Weapon

Level 5+
You can will this weapon to burst into flame.
Lvl 5 +1 1,000 gp Lvl 20 +4 125,000 gp
Lvl 10 +2 5,000 gp Lvl 25 +5 625,000 gp
Lvl 15 +3 25,000 gp Lvl 30 +6 3,125,000 gp
Weapon: Any
Enhancement: Attack rolls and damage rolls
Critical: +1d6 fire damage per plus
Power (At-Will Fire): Free Action. All damage dealt by this weapon is fire damage. Another free action returns the damage to normal.
Power (Daily Fire): Free Action. Use this power when you hit with the weapon. Deal an extra 1d6 fire damage, and the target takes ongoing 5 fire damage (save ends).
Level 15 or 20: 2d6 fire damage and ongoing 10 fire damage.
Level 25 or 30: 3d6 fire damage and ongoing 15 fire damage.

Quests

With seemingly more influence from WoW and other MMORPG’s, there is a new system for awarding experience based on quests.  While they acknowledge that this isn’t new per se, they do say that the system is more deliberate.

Almost every D&D campaign out there grants a bit of bonus XP for completing story objectives, and this has been going since the first time a gamer lifted a d20 and stared at it in glossy-eyed wonder. The big difference between 4th Edition and older D&D editions is that we designed it into the game; it’s not just an afterthought, an ad hoc idea, or a suggested house rule. We actually took into account that people already do this, then gave better guidelines on how to do it well, and crafted the numbers behind character advancement with quests in mind.

The actual quest system is comprised of major and minor quests, although not much else was revealed.  The article conveys the general concept of questing that will be familiar to anyone with MMORPG experience, but is otherwise lacking in details about how the DM might implement and award XP for quests.  The article mentions some “dead end” XP methods that lead them to their current system for awarding XP.  I am not convinced that the dead ends aren’t still useful or interesting though.  To each his own.  How the actual quest and XP system will work will have to wait for the DMG I presume as this article left me with more questions than answers.