When we're talking about unnecessary items, are we talking about "Nessie's Nine Iron"? I don't mind all the weapon additions partly because you play the game for two weeks, then are treated to some new particle effect or model you'll be killed by (probably before you get your hands on it, sadly). It just adds something new to see, since it doesn't dramatically effect gameplay half the time.
With the Cockswain update, I do agree, the LASER ROCKET is a bit out of there, but then I don't believe you go around coating your enemies in piss in any logical war themed story or setting. I got used to the effect though and just chalked it up to making the user's projectiles just easier to spot and dodge.
I think I saw the effect a year or two ago used by premium accounts on some TFC server, they'd donate to the server and get the option to shoot bright colored laser blasts out of their rockets. That may be why I'm not bothered by this update. This Cockswain update is practically the same story, pay money to get a pack of laser weapons for the soldier to help support Valve's paycheck to the TF2 staff. Thankfully, there is the option to just craft all these weapons, to prevent any permanent imbalance (for the players who wouldn't buy from the Mannco. store).
Since TF2 has gone free to play, there most likely won't be any slowdown in item updates, because that is now the ONLY way ( that I can think of) Valve can profit from TF2, unless they would want to include ads in load screens and maps...now wouldn't that break the feel of TF2. Not having that profit option would probably decrease the probability of some of the real updates (Replays and The Medic Update), because I doubt even Valve would want to keep pumping a franchise with stuff if it's getting nothing in return (moneywise, they could keep my approval if they were that ballsy).
Of course, I'm going to go out there and say it, I've only played TF2 PC since December 2010, so I can't share your feelings about how awesome and righteous TF2 was when it first came out. I have played the Tofu version of TF2 (I'd call it more extreme then Vanilla) on the 360 for about 8 months back in 2009 or 2008 (I eventually bought the Orange Box on Steam after hearing about how the 360 got left out of the updates thanks to Microsoft on April, 24th, 2009. Though never got to play it till recently, due to always having an Intel FAMILY graphics card or a way outdated Savage S3.)