One aspect of traditional D&D (and other games) I don't like is the accumulation of stuff. It's too easy for a character to become merely a clothes horse for his Blessed +5 Blade of Demon Slaying and his Armor of Fire Resistance and his Ring of Ultimate Coolness.
In contrast, a Midnight game I played in not too long ago started everyone as a serf who owned what he could scavenge from the farm, plus a "covenant item" which grew in power as the character leveled up. In the world of Midnight, the Dark Lord busted everyone back to a barter economy; only the Dark Lord's favorites had gold, which they'd use to essentially confiscate actual wealth. During the game, we'd regularly gain and lose armor, weapons, and luxury items; in our last adventure, we had to destroy our one ultra-useful magic item to get to our goal, and nobody grumbled.
The Iron Heroes rules, which I never played, have a slogan "It's not the sword but the arm that wields it". Its variant classes -- distinct types of fighters plus the Thief and a token spellcaster -- have plenty of power without fancy gear, and in Iron Heroes magic is rare and dangerous. Or, to use a quote from the Wikipedia entry, "You are not your magic weapon and armor. You are not your spell buffs. You are not how much gold you have, or how many times you've been raised from the dead. When a Big Bad Demon snaps your sword in two, you do not cry because that was your holy avenger. You leap onto its back, climb up to its head, and punch it in the eye, then get a new damn sword off of the next humanoid you headbutt to death."
"On two occasions I have been asked [by members of Parliament], 'Pray, Mr. Babbage, if you put into the machine wrong figures, will the right answers come out?' I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question."
- Charles Babbage (1791 - 1871)