I think that the equipment should be named for the faction it comes from; ie. Shadow's Scimitar of Darkness, Shadow's Mail of Illusions, etc.. While I can't bring the Goddess of Light to mind right now, the evil wench, I feel the equipment of Light should be named for her.

The equipment should be of extrordinary to legendary quality, with magical enhancements on each, but with extensive, difficult, and costly quests. I also feel that you should also make the quests start only at higher levels, if possible. It should be the type of armor you would like to own at level 100, a sort of collectors set.
I would list sets of equipment myself, but seeing as I am only lvl 15, lol, I'll leave that up to those of much more experience than myself.: P
DarkSavant13