I think that you should have Talismans in W101. Talismans would be like a badge, but they boost your stats. You would unlock Talismans from advancing in the storyline and defeating certain bosses. You can also level up talismans to improve their boosts. (1 enemy = 2xp)
Talisman Xp: Level 1-2 = 50 xp / Level 2-3 = 100 xp / Level 3-4 = 150 xp / Level 4-5 = 250 xp
As it stands, our wizards start small and weak, then gain power as they level up: +Added Health +Added Mana +Added spell options +Added Power Pip chance +Added gear options -Lower Critical Chance (that's right, you critical less as you level up unless you run on the gear treadmill) -Lower Block Chance (maybe?)
Adding intrinsic bonuses for our wizards helps with the narrative.
The name definitely wouldn't work, there's too many amulets in-game already called talismans, but the idea's kind of nice. These ideas seem vaguely balanced, and I wouldn't mind something akin to a badge giving stats. Actually I'd love badges to give stats, but it's not a bad idea.
I personally don't think that these are over-powered. The Mirage Talisman offers +60 critical/block +10% damage, resist, health, and unique drop rate. (The 10% health could be over-powered if its an ice wizard. The problems would come with -- assuming the base health is 7500 -- 7500+10%=8250. Still this isn't to bad. You can get easily 9000 health as an ice, but your damage and attacks still are weak.)
If you think about it, the +60 critical/block -- which isn't even over-powered to begin with -- is reduced even further with the worsening critical penalty. The penalty easily makes the +60 a +20-40. (Proof would be that my critical as a level 120 myth is over 420 and my percentage is at 29%.)
The damage and resist isn't very over-powered either... Enemies are shielding more often now, and have way more pierce... So your resist reduced by a lot... (Ex. 50% resist vs 500 damage = 250 damage / 50% *-19% pierce = 31% resist vs 500 damage = 345 damage.) With higher numbers of pierce and damage the effect would be more deadly. (NOTE:**enemies now have the ability to stack blades for they were programmed with lots of new blades.)