There are three separate and unique categories of magic items in Warmaster:
No item can be take more than once in an army. All items can be taken by any of the armies.
None of the items in Warmaster are over-the-top, unbalancing items. They all add a small bonus or a reroll to the unit / character carrying them. The magic items in Warmaster, like the characters in an army, take a back seat to the tactical use of units.
Battle Banner
The Battle Banner can be rather useful with some units. It can make weak units stronger (giving them average stats), or make an average or strong unit very potent. The Battle Banner can make for a nasty surprise if your opponent charges a weak unit and finds out it is really not as weak as he thought!
Banner of Shielding
The Banner of Shielding can add some much-needed resilience to some units, giving you a strong core unit or a powerful offensive unit in the form of Knights or Chariots.
Banner of Fortitude
The Banner of Fortitude, like the Banner of Shielding, can give a unit a much-needed boost in survivability, and makes for a nasty surprise when a unit loses one Wound on each of its bases and is still at its maximum number of Wounds! Very useful for weak units that will be used defensively.
Banner of Steadfastness
The Banner of Steadfastness can be very useful for a regiment that needs protection from enemy missile fire.
Banner of Fortune
The Banner of Fortune can be a game winner. Used at the right time, it can actually make the difference between total victory or total defeat.
Sword of Destruction
The Sword of Destruction's abilities will not run out in a battle, so it can be extremely useful. This item is best used against an opponent with a good armour save.
Sword of Fate
This can give a unit an extra little bite in its first combat, and can be useful for almost any unit, even a defensive unit.
Sword of Cleaving
The Sword of Cleaving can be useful for a unit which will be seeing a lot of combat, allowing you to get in a hit that you otherwise would not have had in each round of combat.
Sword of Might
The Sword of Might can be useful for that one extra attack in combat, especially since its bonus never wears off.
Crown of Command
A useful item for low-Ld Generals (basically only the Orcs), but extremely expensive and of questionable worth (you could be spending that 100 points on more units).
Helm of Domination
This is a very useful item that could come in handy when you absolutely must
be able to give several orders in one turn. This item could change the way a battle
is going, but at 50 points is still a bit steep.
Orb of Majesty
Again, an item that could bring about the turning point in a battle, but is still
pretty expensive at 30 points.
Ring of Magic
This can be useful for casting a very difficult spell, but unless you have a really
earth-shattering spell that could have a major effect on the battle it is not really worth
the points.
Staff of Spellbinding
This item is very useful against armies that have wizards with very potent spells, such as High Elves. It can level the field when it comes to magic.
Sceptre of Sovereignty
The Sceptre of Sovereignty is a very useful item for low Ld Heroes/Wizards, and can save a unit and even a battle plan if used at the right time. 30 points is not too high a price to pay for the Sceptre's ability.
Scroll of Dispelling
The Scroll of Dispelling is actually a very useful item, especially useful in getting rid of a spell that could really hurt your army.
Wand of Power
The Wand of Power can be useful for a Wizard who wants to cast a difficult spell during a battle. The Wand should be reserved for use only when it is absolutely needed, as you will only get to cast one spell with it.
Rod of Repetition
The Rod of Repitition's usefulness cannot be overexagerrated - it can be very useful at times to cast more than one spell in a turn, especially a combination of offensive and defensive spells!