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The game mechanics is sort of limiting how creative they can be... but I like artifacts a lot... and there is some interesting combo's as well... like the frostbite on attack that is on some artifacts, that also works when you use special attack power on a hero (like vampire mind blast for instance), although when using an area of effect special power, it only affects the creature targeted, not the entire area unfortunately
 
Artifacts make already absurdly strong units even more broken

If you have the artifacts DLC, you can craft custom greater artifacts which are even more ridiculously powerful

In the base game, more interesting artifacts only show up in portal lairs
 
The findable/purchaseable items are pretty boring, though you will find good ones later on. The artifact DLC allows you to craft really strong one, especially later on in the game via "Craft Greater Artifact." 4 greater effects could give the item:

+25% Spirit damage
+20% Power
Flying
Invisible

How's that for an epic item?
 
You must own and activate the Master of Artifacts DLC. Once that is done, you will get two new spells: Create Artifact, and Create Greater Artifact. They are researched like any other spell; the former can be chosen as a perk during character creation. To begin the enchantment process, simply cast one of those two spells.

Available enchants are often based on your access to similar spells (so, for example, in order to enchant an item with Flying, you must know the spell Levitation.)