Possibly went a little insane. I don't recommend opening this pandora's box. But there is a box, if you'd like to peak into the void of it.
Just kinda of... a downward funnel of item inspirations or things thought up of, when thinking of MMO items. Guess it's top down of the higher up things apply to the smaller further down things (mostly embedded), and partially broken up by section. Not that all of the information needs to known, or fully mentioned. But could be used to flesh out stuff, maybe?
Honestly kinda just wondered how deep I could go with the embedded coding- 

[hider=Item Specification]
[table=bordered]
[row][cell]
[table=bordered][center][h1]MMO Item Specification[/h1][/center]
[hr]

[center][list]
[*]Description/Look
[*]Splash text if any/Story Value (including fancy names)
[*]Level of equipment: "+1", "+2", etc.
[*]Durability (if needed)
[*]Material 
[*]Enchantment Slots
[*]Rarities: Common, Uncommon, Rare, Very Rare, Mythic/Legendary
[*]Suggested class (if any)
[*]Curses/Debuffs (if any)
[*]Item Set ("Ochren Warrior Set","Thieves Guild Assassin Set", etc. Usually passives for matching a set together)
[*]Market Cost (if sold to NPC's)
[*]Weight: (Especially Armor, See Protection)
[/list][/center]
[row][cell][center]Weapons[/center][/cell][/row]
[row][cell][center][list]
[*]Weapon Type/Style:
[*]1-H or 2-H
[*]Damage or Damage range (i.e. 30 flat damage or 20~40 DMG)
[*]Damage type(s) (Piercing, Slash, Bludgeon, Fire, Ice, etc. Sometimes multiple types at different amounts)
[*]Crit Rate%
[*]Aquatic Trait: Effective Underwater
[*]Traits/Passive:Inflict Bleed, Armor Piercing, Parrying etc.
[*] "Special Ability" An additional skill or spell found from rare or cursed weapons
[table=bordered]
[row][cell][center]Melee[/center][/cell][cell][center]Ranged[/center][/cell][cell][center]Magic Foci[/center][/cell][/row]
[row][cell][center][list][*]Reach (spear, whip,etc)** [*]Thrown** [/list][/center][/cell][cell][center][list][*]Distance range [*]Capacity [*]Reload Speed  [*]Ammo Type   [/list][/center][/cell][cell][list]
[*]Physical damage** (Magic Staff)
[*]Cast Power (DMG or Healing)
[*]Cast Speed 
[*]Mana Cost Reduction
[*]Range Bonus**
[*]Elemental Bonus**
[/list][/cell][/row]
[/table]
[/list][/center][/cell][/row]
[row][cell][center]Protection[/center][/cell][/row]
[row][cell][center][list]
[*]Armor Type/Body Position
[*]Physical Damage Reduction
[*]Magic Damage Reduction 
[*]Stagger Reduction**
[*]Resistances**
[*]Evasion Chance%
[*]Movement Variation (decrease, increase, etc.)
[*]Aquatic Trait: Effective Underwater
[table=bordered]
[row][cell][center]Armor[/center][/cell][cell][center]Shield[/center][/cell][cell][center]Accessories[/center][/cell][/row]
[row][cell][center][list][*]Density (Light, Medium, Heavy) [*]Stealth Variation (Increase/Decrease) [/list][/center][/cell][cell][center][list][*]Size/Height [*]Active Damage Blocking (for when blocking with it) [*]Parrying Bonus**  [*]Shield Bash Damage**  [/list][/center][/cell][cell][list]
[*]Most Enchantments/Stat Bonuses
[*]Stored Spells
[*]Renown/NPC Recognition (A lord's ring, a guild emblem, etc.)  
[/list][/cell][/row]
[/table]
[/list][/center][/cell][/row]
[row][cell][center]Trading Goods[/center][/cell][/row]
[row][cell][center][list]
[*]Quality**
[table=bordered]
[row][cell][center]Consumables[/center][/cell][cell][center]Materials[/center][/cell][cell][center]Junk[/center][/cell][/row]
[row][cell][center][list][*]Stat Recovery (HP restore, MP Restore)
[*]Stat Boosts
[*]Boons & Resistances  
[*]Debuffs & Poisons 
[*]Avatar Changes
[*]Spell Scrolls
[*]Usage Count
[*]Duration [/list][/center][/cell][cell][center][list][*]Crafting Categories(Carpentry, Smith, Chef, etc.) 
  [/list][/center][/cell][cell][list]
[*]Aesthetic treasure (figurines, paintings, mirrors, etc).
[*]Fetch Quest Items
[*]Event specific items 
[*]Achievement items (or collecting to get an achievement)
[/list][/cell][/row]
[/table]
[/list][/center][/cell][/row]
[/table]
[/cell][/row]
[/table]


[/hider]