Good items make for a better gameplay experience. They improve effectiveness in the fun areas of the game, like in most minigames and boss hunting. Of course you might consider raising skills fun, but that depends majorly on the skill and you'll ultimately be doing the same thing over and over again. Skills may allow you to do certain quests, or enter certain areas, but overall you don't need to raise them as high as 70, 80 or 99 to enjoy those features of the game. Items are not that easy to lose, unless you are PvPing, or soloing a boss. Most expensive items are covered by the 3 items on death rule anyway.