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I'm somewhat disappointed at yet another DM-centric magic item article (with lots of background for including it in a campaign, and 1/3 of the items rares), though the overall concept itself is an interesting one.
Or you take a look at the fluff, check how it can help give more depth to your PC and than work together with your DM on how to get that item into your game. Why is that just because something is rare or fluff that it all of the sudden is only in the hands of the DM? I have no problems with wishlists, but I wished that when my players use it (and only a few do), they would also give me suggestions on how to use those items to enrich the story...
As for LFR, the rarity system actually works best in such a campaign, since it allows the designers to design a few slightly more powerful items without immediately destroying game balance in an organized campaign. It also gives the authors a bit more to make the treasure bundles worth while ;) Mind you, considering most items are uncommon, it is perfectly usuable in LFR as well.
Yes, it means the DM will have to vet the magic item, but a DM usually does so anyway since he decides what a character finds. So by that argument all item articles belong in Dungeon, something I disagree with.