This would be a great asset for the future of item creation; the game already has ray-tracing implemented, so that could be modified to allow for 3D items to simulate Tori reflections and have a glass-like effect. To add to that, it enables real-time reflections as well, especially with the amount of metallic items there are.
Similarly to joint effects, 3D item effects don't have to be enabled at lower settings; more so an added layer of detail on top of a baked texture.
Glow on lava | Raytrace/Glass effect on lightbulbs | Toon on pop art themes | Cel-shading on swords etc, can think of many other items that would work with joint effects.
Only issue is figuring out a way to localize the effect on the model, given that you don't want the whole item to be glossy (Glass effect on the lenses of the Round Glasses, but not the frames). Was thinking of texture gradient/alpha mapping, but not sure how complex this idea can get.
Supporting the ideas of effects and shaders, as long as developers are able to implement it.