The biggest strength of Take on Magic Items is that most of the magic items feel, well, magical. There are few straightforward bonuses and +1s, instead there are many interesting abilities that sound like they came directly from a folktale.
Most of the items are firmly grounded in what they do, not the specific mechanics, which is an added bonus. It's also part of what makes them feel magical, not like shopping items.
The items here are of a comfortable level of power: they're all open to interesting uses, but unlikely to make the person wielding them a demigod. They should be easy to fit into any game, and are brimming with opportunities for creative uses.
A few items fall a little short with mechanics that don't quite live up to the concept or unclear effects, but there's only a couple of those. The majority are clever and sound like something that adventurers would talk about around a tavern table.
[4 of 5 Stars!]