Hey look, there's an update to the playtest package, which most notably contains magical items now.
It is full of contradictions. The fluff text says that magic items are not an entitlement, but the rules say the average encounter should have 0-8 magical items in it (determined by a % roll). The fluff says that there is no market for magic items, but also that this nonexistent market is easier to find in big cities, and the rules give each item a gp value between 50 and 10,000. The fluff says that 'rare' items should be given to characters of level 5 and up, but they have a 4% chance of showing up for every average encounter, regardless of character level.
And yes, the rarity levels from 4E are back, ranging from 'common' to 'artifact' (which are unique, but have a 1% chance of showing up every hard encounter). There is no clear correlation between an item's rarity and its power level, and there little or no 'common' items in the book except for healing potions. WOTC says they'll rectify this later.
Magic items no longer auto-identify (like in 4E) but a variety of trial-and-error methods are suggested, plus the classic Identify spell. While there are still a few 'item slots' left, you can now wear as many necklaces as the DM allows. However, a few rare or very rare items only work if you "attune" them to you, and there's a strict limit to how many items you can attune (plus attuning costs time). Which is odd considering how unlikely you are to find enough for this limit to matter.
Then there's a long table for randomly deciding who created the item and for what purpose. And a bunch of sample items which are reminiscent of 3E's items, except that they don't get pluses. They're pretty much all +1, and you use them for the special abilities. 1E's mixing potions table is also back as an optional rule.
Well, I expect this to change substantially after feedback, because right now the rules are all over the place.