This suggestion is to add a buff to mobs called 'Magical Items Equipped'.
This buff would be variable depending on the mob and would appear in the targeting screen as a generic description 'Magical Items Equipped - This monster gains additional powers from magical items.' This buff would represent the magical powers from items the mobs have and would provide a means for players to use Mord. Disjunction on monsters.
Right now magical item buffs to monster stats are included as part of the base statistics of the monsters and as such they are essentially unaffected by MD unless they bother to buff themselves with spells.
Places where this would make significant game play difference...
Raid bosses...1 minute of rebuffed fun...devil's in particular who have fort from items
Red Names in elite/epic end game
This suggestion is driven partially by fair play between monsters and PC's and partially from the idea that MD which is the best mob debuff in game should be useful for PC's also.
There are some downsides to this suggestion...
Raid Bosses would be a little weaker with someone capable of using MD on them in party
Developers could use this as an opportunity to add more magical item effects to mobs so against parties without MD this could make raid bosses a little tougher
The number of useful 9th level arcane spells would increase by one making sorcs have a little harder time choosing spells