In terms of the stated goals of this change, it sounds like a good idea.
Like Nemesis, I don't have any enchanted gear (and actually know little about it), but getting rid of enchanting altogether would seem grossly unfair to those who have devoted the time to learn it.
I feel it takes away the possibility of making an item ingame that can be passed down as qwerty said that can build up a story of its own
A more complicated (but also more creative) way of implementing the change would be to tie the item to an owner *but* allow ownership to transfer at great risk. That would make for true artifacts and items with "stories of their own."
For example:
Paladin P has an enchanted longsword made for him and acts as its battery. It is now tied to Paladin P. The enchanted item also has a "value" variable used for things like Lore that reflects how powerful it is.
Blackguard B comes along and manages to acquire P's sword. When B tries to equip it the first time, he makes a check based on his level versus some function of the value of the item. If he succeeds, the ownership transfers to B. If he fails, however, various bad things could happen based (for example) on how badly he failed.
1-5 B loses a level, but now the item is owned by B.
6-10 B loses a level, and the item remains owned by P.
> 10 B is killed, and the item is still tagged as owned by P.
Perhaps every 5 levels of one's lore skill could modify the roll. An added wrinkle would be that every time an enchanted item changes owner it has a chance of losing its enchantment.
A system like this would allow PCs to create truly legendary artifacts that only the most powerful have any hope of bending to their will. In fact, I can see storylines in which unsuspecting characters are tricked into picking up an item enchanted too powerfully for them to "cope."