There should be an option to exchange 3 or 5 or how ever many regular smega's for an item smega. It would open up trading and allow for the higher level players to flaunt their gear.
http://royals.ms/forum/threads/item-smegas.14765/ Lengthy, but covers most of the bases on why Item Smegas are supported and frowned upon the community.
I'm not sure if I missed something huge in that thread but it seems you were arguing for indifference? Where as it can't hurt and the people that have smega's toggled won't see them anyway. I'd rather see 1 item smega than 5 smega's of meaningless talk. Acting two fold, keeping the regular smega spam down and giving an option for high level players to show what they have worked so hard on.