IMPORTANT NOTE
What ever form the ability for monks to add weapon and/or armor enhancements takes it should NOT take up a body slot. The Monk should not take a penalty to gain the same bonuses as other classes. Hand wraps should be able to be worn under gloves. Bangles should be able to be worn under (over?) gauntlets.
Someone mentioned that a Monk's unarmed strikes are more than just their hands and that hand wraps wouldn't convey the bonuses to all the body parts. Simply, we just view the "wraps" as a focus that conveys the abilities to the Monk's whole body. Admittedly this may lead to a monk doing +3 vorpal tongue strikes but to me that just sounds like the beginnings of a really neat villain for my campaign.
JoS