Frogboy hinted at in-game item enchantment/creation coming in the first expansion pack, but there won't be anything for release.

i hope they do it the way it was implemented in MoM as opposed to AoWSM.  In AoW, while the forge was fun, all you could do was make minor items with up to three effects, from the same pool of abilities as every other wizard.  In MoM, you could also make artifacts, and the effects you could use were dependent on the spells you had researched.

I would have to disagree with you PawelS on it be OP.  It still went off your spells researched and the more you tried to enchant the longer it would take to make.  If you skill was uber, that certainly helped and on the harder lvls, you needed it all to compete against some of those sky drakes and worse.  Still, I can see what you are saying, but I really liked making the weapons.  I just hope they have something that allows you to make them, both minor stuff and major. 

Like MoM with some restraint, please. Pawels is right about how easy it was to gear up a few folks with Ludicrously Powerful Items. I want the possibility, but I want it to be sort of a game goal in its own right and not a typical way to start mopping up an endgame.

Here's hoping that the expansion pack rumours Annatar mentioned will include some ritual (multi-turn strategic) magic. One thing that sort of limited mass production of mega-weapons in MoM was casting time.