This is everything I have to say about every item... Probably.

Abyssal Blade: Not much of a change, but it looked cool already.
Aegis: I still think it could look a bit more shield-like, I'm not sure if I like the new one better.
Drum: IT'S ACTUALLY A DRUM NOW?! YAY! Not sure if I really like the green background though...
Arcane Boots: Fancy.
Armlet: Okay what? Activated Armlet needs to be glowing and special. I think the closed/open hand difference is pretty cool, though.
Assault Cuirass : It could be a bit fancier or maybe with some sort of spikes, or engravings or something. After all, it is a pretty crazy item with a pretty crazy aura.
Skull Basher: I like it, always have. Maybe it could do with some sort of meat tenderizer nubs on the head, maybe.
Belt of Giant Strength: Cool beans.
Battlefury: Cool. I miss the old etchings on the silver part of the head, though.
Black King Bar: Nice.
Blade Mail: Cool, as it was.
Blade of Alacrity: Much better, those three blades were kind of stupid.
Blades of Attack: I like it, however, it is a bit too dark.
Blink Dagger: Way worse, the old one was much better.
Bloodstone: Again, the old version is much better. Change it back!
Boots of Speed: I like it.
Bracer: Pretty cool, it fits with the new theme.
Branch: Nice, not sure if I like the glow though.
Broadsword: Alright.
Buckler: Aight.
Butterfly: Nice.
Chainmail: I think it needs a texture to look more chain-y.
Cheese: Cheesey.
Circlet: Interesting, I think I'd like it more if it were facing front more, though.
Clarity: Nice!
Claymore: Cool.
Cloak: Could be a biiit brighter.
Courier: Couriffic.
Eul's: Niiice!
Dagon: Fancy stuff. I think the transition could use a bit of work, though.
Demon Edge: I like the orange blade from the old item, and the handle and extension over the blade from the new one. I don't like how the blade sticks out near the hilt, though. However, the new extension could be a bit thicker like the old one.
Desolator: Fancy!
Diffusal Blade: It needs some distinction between 1 and 2; other than that, I like it.
Dust: Coool.
Eaglehorn: Make it a bow again! It looks cool, though.
Energy Booster: Bring the starbust back inside it, even if it were smaller. The new version looks kind of cool, but a bit bland.
Ethereal Blade: Niice!
Flask: Coo.
Flying Courier: Same thing?
Force Staff: Nice, it used to be sooo boring.
Gauntlet: Could be a bit lighter, but cool.
Gem of True Sight: IT'S FINALLY A GEM! It still needs SERIOUS work, though.
Ghost Scepter: Needs some work still, don't mind it though, seeing as it's the same...
Gloves of Haste: I think it should be rotated toward the camera a bit more.
Daedalus: I miss the old color scheme, bring it back! It looks so bland now...
Hand of Midas: Cool beans, I'd prefer if the coins were replaced by a gold aura, or some kind of gold ray effect.
Headdress: Cool, but I'd like it rotated toward the camera more. Also, I'm not a very big fan of the gray color scheme of the hood.
Heart: The spikes are a bit long, and I think it could use a more fitting background color.
Halberd: HOORAY AN ICON! Awesome.
Helm: Again, I wish it were facing the camera a bit more.
Helm of Dominator: Interesting!
Hood: Meh. I like the old one better, even if the new hood part is a bit cooler.
Hyperstone: Cooler, for sure.
Shadowblade: Worse, bring the old one back.
Javelin: I like it, but I miss the floating particles that kind of look like flares near the head of the javelin.
Crystalis: Fancy.
Morbid Mask: I like the new texture, but not the new model; it looks weird now, like too much is going on.
Maelstrom: Cool!
Wand: Too much glow...
Magic Wand: Much cooler.
Manta: Fancy shmancy!
Mantle: Cooler.
Mask of Madness: I hope it lights up when activated, because that would look damn cool.
Medallion: Wow, that's cool!
Mekanism: Could use some work, but it's a LOT better than the boring old icon.
Mithril Hammer: Fancy stuff. Not sure I like how much glow there is, though.
Mjollnir: Eww, what the hell? I miss the etchings and I hate the new orientation. The color is cool, even if the texture needs serious work.
Monkey King Bar: Niiice!
Mystic Staff: I don't really like the green, the white was much better.
Necronomicon: Cool, I like the Roman numerals and all that!
Null Talisman: Nice.
Oblivion Staff: Fancy.
Ogre Axe: Cool beans.
Orb of Venom: Better.
Orchid: Much better.
Perseverance: Nice?
Phase Boots: Alright, that's pretty cool.
Pipe: That's pretty sweet.
Platemail: It's a bit dark...
Point Booster: Could use a starburst, I miss it...
Poor Man's Shield: Cool! More like the side of a barrel than the bottom now.
Treads: Aight.
Quarterstaff: Makes more sense, I like it.
Quelling: Nice!
Radiance: Niiice!
Divine Rapier: Awful. The old Rapier was amazing, even if it didn't look like a rapier. BRING IT BACK!
Reaver: Too dark... I think it could use a bit more red as well.
Refresher: Really cool!
Sacred Relic: Cool beans.
Ring of Aquila: Awesome!
Ring of Basilius: Super duper awesome!
Ring of Health: Kewl.
Ring of Protection: Aight.
Ring of Regen: Interesting...
Robe of the Magi: Cool!
Rod of Atos: Damn, cool.
Sange and Yasha: Too dark. Also I think you should show MORE of the blades...
Sange: Show blade!
Satanic: What the hell is that worm turd thing?
Scythe: Nice, I like it a lot. It's actually a scythe now.
Shiva's: Interesting, I think I like the old ellipse background bit a smidgen more, but overall I like the new one.
Eye of Skaadi: It could use a background, but DAMN IT'S FINALLY AN EYE!
Slippers: Fancy.
Smoke: Coolio.
Sage Mask: Cooler, but the purple color is a bit weird; it really needs a background.
Soul Booster: Needs more... PIZZAZZ! And a background.
Soul Ring: Badass.
Linken's: Now I KNOW it's an orb!
Staff: Cool!
Stout Shield: A little too dark.
Amulet of Evasion: I like it.
Tango: Me likey, but the background could be a bit softer.
Scroll: Mehhh.
Tranquil Boots: Definitely better!
Boots of Travel: I'm neutral about this change.
Ultimate Orb: I'm not sure if I entirely like the perfect circle shape of the orb, but the sunburst certainly has a cool effect.
Scepter: It's cool, but I'd like it more if the handle part were thicker.
Urn: I like it a lot, but I think it'd be a lot cooler if it showed more urn and less green explosion.
Vanguard: Damn, that looks pretty cool. Not sure if I like the shadow on it though.
Veil: Looks interesting, not sure if I entirely like the background. It could be zoomed in a little more on the face area, too.
Vitality: Again, I miss the sunburst, even if it were just a tiny one. It looks cool, though.
Vladimir: This is a step in the wrong direction, in my opinion. I get that it's demonic, but I really liked the old one a lot.
Void Stone: Ah. It's actually a STONE! Nice work.
Wards: Ookay.
Wraith Band: Cool, definitely.
Yasha: Show me more blade, man!

A lot of the new items make me think that perhaps the Dire and Radiant could have different icons for different advanced items, like Vlad's. Classic Vlad's looks more Radiant, and new Vlad's more Dire. The same goes for Daedalus, Headdress, Satanic, and so on. Maybe that would confuse new players, but I think it could be cool.

Anyway, those are my thoughts. You likey?