Right, I mean that as in the next World of Warcraft expansion, after Cataclysm. And my suggestion for Blizzard is quite simple: if they're so bent on simplifying item stats, to hell with all of them, and add one single one instead. Let's call it "Multiplier" for now.
The way this "Multiplier" would work is that, by multiplying it with your character's current level, you would end up with a final value - let's call it "Wootness" - which directly translates into attack / spell power, health, mana, armor and pretty much everything else. Your class and talents would obviously factor in to scale said Wootness accordingly. So yeah, there would still be plenty of adjustments possible, but everything would be based around that sole "Multiplier" stat on items.
For example: a lv.90 character with a total of 1000 Multiplier from gear would have 90,000 points of Wootness - which could translate into 9000 spell power (10% of Wootness). Or 45,000 mana (50% of Wootness). So on, so forth.
So what if every cloth wearer would be rolling for the same item? How's that any different from Cataclysm?