This game is based on 3rd edition Dungeons and Dragons. And while I accept that it moves further and further from that base every day, I"m a strong advocate for moving back closer to that base. That includes cleaving closer to the actual rules, implementing more spells, alt rules from the expansions, etc. But one of the easiest ways to start doing so would be to start including more of the magic items that are found in the game. So with that, I'm going to suggest that over the next few updates, instead of designing yet more power-creep items, you focus on introducing pnp- existing magic items.
For now, let's take a look at some rods.
Rod of Absorption: There is no reason to not include this useful rod in the game. Great off-hand weapon for some characters. No binding.
Rod of Flailing: Implementing this would require adding dire flails to the game, which, while stupid, should be available. No binding.
Immovable Rod: I cannot actually think of many uses for this in DDO, but it would amuse me to try and find uses for it. No binding.
Lordly Might: This would be a spiffy multi-tool, Swiss Army Knife item to find in the game, with all of the functions, including climbing pole/ladder, door opener, and even depth finder. BtCoE.
Metamagic Rods: Another excellent addition. BtA.
Python: Would be a spiffy very low level item. No binding.
Rulership: Very useful mid-to-high level item. BtCoE.
Thunder and Lightning: A fairly low-power but useful item. BtA.
Rod of Withering: Actually less powerful than some stat draining weapons, could still be useful to low and mid-level characters. BtA.
Rod of Wonder: Please, please, please add this to the game please! My instinct is to say NO BINDING, but I know it would probably end up bound in some way, so I advocate in that case, BtA.