If you're trying to "break" it, the speed doesn't matter so long as it can be used more than once per turn. However, I think what Reverend Love was saying was that for general use, (non-combo uses that is), being able to switch creatures at instant speed would have been much more useful. If you could set the Loxodon Warhammer to whichever of your attacking creatures wasn't blocked, or use a toughness-boosting equipment to save a creature from direct damage, the equipment mechanic would be much more useful.
As for the criticism of the mechanic for its blandness, I agree. It's not too interesting. I was merely stating that a mechanic's strength lies in the cards surrounding it and that making it a mechanic really isn't the function equivalent of Runesword.
As for WOTC's creativity level, I've actually been pretty pleased with them. I know that the power level has dropped, and I don't like all their policies, and their PR can be a bunch hypocritical douche-bags, but the flavor and design of many of the new cards is really good if you give them a chance. Again, I'm not too crazy about morph, but they did a good job with cycling. And the Odyssey block mechanics were awesome in that they actually offered you a new way to play the game. Their was no functional equivalent of the blue-green madness archetype or the cunning wake archetype before ody-block, (Not to mention a bajillion casual decks that use the graveyard).
Equipment isn't anything great, but Imprint and Entwine have some fascinating possibilities. (Entwine is MUCH better than Kicker by design actually). Invasion block was the Block of Bad Taste, but since then the sets have been thematically very interesting, and I actually have good feelings about Mirrodin.
That said, YES, equipment is pretty stale.