I think it would depend on the item in question. Specific and rare items are usually more descriptive that just the 'wizard in the mill' type, like the ever popular Bag of Holding.
Descriptive text MUST add feel to the item, in my humble opinion. After all, how many Pc's would be running around with silver swords, vorpaling everything they came across, if they didn't have legions of githyaki breathing down their necks, just waiting for the exact moment their guard is lowered? The background of the silver swords is what makes them special, different, cool, whatever. The same goes with wonderous items.
Balance is the hard part. If we write too much fluff, people get bored. Not enough, and they go 'yes, so what?'. Finding that ground in the middle, that's what we as creator's must do.
Now if you excuse me, I have a dwarf whose late for a date with the Lich Queen.