I don't see where this is a good improvement. The art, icons - even the names - of the items are there to differentiate all the stuff the game have. Also, when items/equipments have the same icon or art, I really struggle to know which is which like: "I'm using a regular Guard or a Illusion Guard?" They have the same base icon, the Illusion have a tiny detail in red like other Illusion equipments. My point here is that "standardizing" all types of equipment will be a bit chaotic.
Another aspect of this change I get is when I look to the RPG side of it. It could be disapointing. The feel of improvement when you change from a cotton shirt to a plate armor when you're a swordsman it's "visible", beyond the stats the item will give you on alt+s. It's a visual indication you bought/crafted something all by yourself!