I wanted to suggest an implementation of a "Detect Magic" ability much in the way paladin's detect evil and ranger tracking currently work.
Why?
I think that it would lead to a lot of interesting scenarios for RP. Mages with appropriate skill could detect the presence of magical auras on other characters and monsters, and perhaps even areas.
Countless opportunities spring from this. A few basic examples: You can detect when someone has spells up, perhaps indicating that they are planning something, or cheating in a contest. Then you would know to dispel them, which I think isn't used very much currently. Detect magic could aid in Spellguard investigations; was there illegal spellcasting? Also people could explore areas following magical auras, or perhaps they are trying to avoid them.
How?
I base my mechanics suggestions on the following spell description: http://www.d20srd.org/srd/spells/detectMagic.htm
Again following the examples of detect evil and rnager tracking. It would be a custom scripted command. I envision that it would be open to all casters at 1st level (brd, sor, wiz, drd, clr). Since it is normally a lvl 0 spell, the uses should be limited. Maybe just once per lvl per day, or even 1 per 2 levels per day. Your ability to detect magic can depend on the amount of time you spend concentrating, the caster level, and/or your spellcraft skill. A report similar to the tracking result comes up giving you info on things in the area nearby (60 ft. cone?). It would include and the strength, number, and even school of the magics detected depending on your detection score. Also this can be disabled in certain areas due to strong innate magical auras, or dead zones, if we wanted to get really fancy.
Personally, I don't think it is very interesting to have the spell affect items. I also think that it would make the scripting too cumbersome.
The exact implementation will have to be sorted out, but I hope this post gives an outline. Looking forward to seeing other people's comments.