My opinion is that crafting should get a boost. To me, UO essentially requires that players are able to become more powerful in some manner. That may be with more skills (seen with the +20 cap and + skill items), more stats (scrolls), above GM skills (scrolls), items, and more. I think the solution isn't to nerf things, but to add new content that is harder, which essentially requires the better gear. They need to strike a balance that allows casual players to obtain good gear, but also always the super dedicated to be rewarded for their time spent.
I think there should be new resources dropped that allow crafters, possibly using a system like the mastery system or something, to build higher level items most consistently. Additionally, they should release new dungeons which by virtue of the mobs in there, require the better gear. Nerfing items after the fact will annoy people who obtained it. I like what they've done with some of the Doom drops, which can be converted to generally more powerful items -- but the items that aren't upgraded may fill a niche roll in some instances. There is a balance in accomplishing something, like making an uber suit, due to rarity versus just spending 20 minutes one night and being maxed out. Ultima Online used to essentially rely on the sandbox portion without the treadmill of gear. That changed long ago, and while I didn't like it at the time, I think it holds people's interests longer.