I never was too keen on generic magic items, to the point that I ended up running a low-magic fantasy campaign specifically to get away from them. Ring of invisibility, bracers of defense, wand of paralysis...it all struck me as way too goofy. Same with scrolls — the charm of fantasy falls flat when I describe how the wizened mage hands the characters a scroll of water walking. Eh.
The obvious solution is to come up with unique names for spells, magic items, potions and scrolls. Which I've resolved to do, starting with scrolls. In particular, I like the idea that they're part of some larger body of research or some school of magic. So it's not a magic missile scroll, it's Vendamyr's Annotations on the Application of Force. A piddly light scroll becomes Deleterio's Bright Idea. Protection from evil becomes A Survey of the Nether Voids and Their Denizens, by the Arch-Wizard Foclis. And so on.
Not all generic names are bad. Renaming just a few injects a lot of character into my milieu, and it also has a powerfully beneficial effect on my creativity.