I don't think it should be possible to Pick Pocket magical items, just as Disarm shouldn't be allowed on magical weapons.
Reasons are pretty simple (Verant stated them when they made the changes). If you could Disarm (or Pick Pocket) magical items, I would simply run around with my monk and Disarm all mobs ith nice loot. That way I would be able to get a LOT of nice items without being able to kill the mob. Same thing goes for rogues (though they aren't quite as good at it as monks, since Pick Pocket can agro a mob)
Just my oppinion
Ztaar
-- Nunc ille est magicus --
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