Magic Weapons
Once per battle bearer may make a single special attack instead of rolling to hit, etc as normal. All models in base contact (not the bearer's mount) take D3 wounds with no Armour save.
No Armour save allowed. If target takes an unsaved wound his armour and shield (including magic armour and shield) is destroyed.
+2 Strength. Flammable targets are automatically killed if they take a single wound.
Magic Armour
Counts as wearing armour (4+ Armour save) 5+ Ward save. Wearer (and his mount) is immune to fire based attacks and spells.
Gives wearer a 1+ Armour save that cannot be improved.
Talismans
Wearer cannot be affected by spells at all (not even friendly spells), and obviously cannot cast any himself. Wizards in base contact cannot cast spells.
Arcane Items
You may choose to roll a D3 at the start of either player's Magic phase. Remove this, many dice from both player's magic pools.
Enchanted Items
Can be activated at the beginning of either player's Close Combat phase, after challenges are issued and accepted. The bearer and one model in base contact (bearer's choice) may not attack or be attacked for the duration of that phase. Work out combat resolution as normal. Steeds may not attack either. One use only.
+1 Strength. If the wearer rolls a 1 to hit, this blow strikes a random friendly model in base contact instead. This could be his mount.
Magic Standards
Orc, Goblin and Hobgoblin units within 12" of the banner may re-roll any failed Psychology test.