Good points. I wasn't aware of the no damage mods thing. That does, indeed, cut out a lot of enchants. I'm pretty sure the plugin details stated that the drop rates can be changed, though. If made fairly rare, enchanters and smiths would still be valuable. Smiths maybe more than before. People would want those rare fire aspect tools repaired if they're very rare drops. Enchanters could also be the only ones able to craft identify tomes, off-setting some of their potential value decline from dropped items.
I watched the tutorial video for it, and I like the idea of the added attributes. One example shown was a sword with +speed and -invisibility. Apparently + on a weapon affects the target being hit and - affects the player with the weapon. Opposite for armor (+player affected, -attacker affected). The example weapon made his target run around with a burst of speed and made him invisible for a couple of seconds after landing a hit.
Now of course we don't want people turning invisible each hit, so that would need to be removed from the list, but the idea is neat. It would be especially cool if there is a way to modify these attributes so that they have only a certain percentage chance to take effect, but I didn't research enough to see if that's possible. Imagine, though, a weapon with, say, chance to root target for 2 seconds or leather helm with a chance for 3-4 second speed boost on hit. It would add some new and interesting elements to combat. One might finally have a chance of stopping that dragoon from jumping away, or the almost dead healer gets a lucky boost and just barely gets off a clutch heal in time to survive a samurai or ninja beat down.
I really think this is worth testing out if the HC team is willing to spend the time required to tune it specifically for the server.