With the introduction of rituals in the 4th Edition of Dungeons & Dragons, it has (in my opinion) taken away a lot of the fun from spellcasters, especially when it come to creating, or improving magic items. Characters are forced to take run of the mill items; where every other character has one or can acquire one at their whims.
The players do have the options though of transferring previously acquired item properties and powers into a similar magic item of a higher level. For example the party finds a +3 magic platemail suit of armour. The player to get this item could, with the use of this ritual, transfer the existing properties and powers of thier current +2 suit of leather armour into the +2 suit of plate armour, provided that the armour they are transfering the properties to is not of higher level.