I think it would be a good idea to be able to change the look of your equipment.
Kind of like dying it but changing the style of it.
Say you have Woverine's helm for the bonuses it gives you but you really don't want to wear a dragons head all the time...it would be nice to be able to change it to look like some other hat. (people could still have the powerful gear they want and be able to individualize themselves more.)
I can see it being done with a simple recipe:
One item with the stats you want. One item of the same type with the LOOK you want. (and of course needing the equipment crafting table)