i think its very important to mix up the names not just to show which items are better or worse (crap gets english names, good stuff gets aero names) but to just give more feeling to them. i mean look, there's this item for galeoth which you can craft from the ice crown. this super magic armor bullshlt thing, forgot its name. you see? its a good item and you always want to use it, but man it just makes you stronger, its not COOL.
that kind of item you want after reading the stats but man, ELEXORIEN 2? holy mother of
****, i clicked on that tharo the first time and even before reading the stats i just saw a rainbow sword called elexorien 2 and i was like oh
****, im so getting this item. im so getting this. best item in the game. and to the day its my favorite item, even though its too weak to really use it.
you know why it is so good? because it stands out and is cool. why does it stand out? because that galeoth-armor has some shitty-ass english name nobody remembers for half a minute. thats why. if every good item had some fancy name, nobody would fancy those fancy names anymore.
mix it up and keep the fancy names to stuff that actually kicks ass. oh yeah, and another thing: if you connect the items to the story a bit, they get even more memorable. like tharo has elexorien 2. thats enough story-connection. by having that interaction between fradz and tharo in chp7 when you have that sword, you bring it to perfection.
and you actually got to see elexorien when you yourself are weak pudding and cant even imagine +200 dmg on an item. that makes you even more eager to have that thing.
so what i mean is, if you give an item a big name, make the players know about the item before they can get it. "do you look for powerful items? i would recommend maragath set, its very powerful". oh shlt, i want that set NOW.
so always think about how you can get something to the players, thats what makes things awsome.