I actually bought this to get a few Ideas for magic items in my "50 Fathoms" game and there is really some cool stuff in here.
The Good: There are no simple +x items but flavourful (and sometimes a little creepy) described items with fairly unique effects, such as the "Angry Wooden Parrot" or the "Pouch of Freshness". It should "translate" pretty easily into my current game and I think my players will enjoy them to.
The Bad: Some editing still needed- for example, the Angry Wooden Parrot has a secondary effect that allows a save, but no DC is listed.
On another point, it has been a while since I last used the magic item creation rules of d20, but some of the prices seem a little bit off. The Reckless weapon enhancement for example seems way to cheap and still using the Angry Wooden Parrot as an example, it would be far to expensive for the little effect it offers (from some point of view it's not that diffrent from a minor circlet of blasting, but the costs are way higher. "Animate Object" is used in creation to justify it's effects, resulting in the enourmous price. Other spells could have done the same with a far more reasonable price).
The Ugly: The use of the word "player" in cases where "character" would be more appropriate. A few items seem to be a little bit to "standard" (who would have thought about a self-refilling bottle of rum or a if you remember the Belt of Many Pockets what about a Pirate Belt of Many Pockets !?).
[4 of 5 Stars!]