That would be awesome. Also, randomly generated artifacts would be really neat, especially if they could take many forms. Artifact weapons, armor, wands, maybe masterfully scribed scrolls, bottles and trinkets, rings... all with potential negative, positive, and neutral effects.
Of course, these should be rare enough that someone actually has a reason to be excited by getting one.
Also, about items already in the game... isn't "wand of necromancy" a bit general? I haven't actually zapped one yet, but I assume it creates undead from corpses. However, when I think "of necromancy", I think also of dark healing, using your own blood to call forth magic upon your foes, etc.