10 Dec 2008 at 20:28 - 4
As Holy Warblade say, the wiki is the place to go for the details.
Since you didn't indicate what type of item you're interested in it is a little difficult to answer your questiosn, since there are so many different types of item all with their own rules (weapons, armor, offhands, runes, insignia)
Guildwars does tend to work on the principle that there are no uber-elite items, stats-wise. For example a rare and expensive 'unique' sword that drops from only one boss monstor in the game will haver the same base statistics as a sword that can be crafted for 5 platinum in one of the cities.
'Elite' armor that can cost, for example, 75 platinum plus materials to craft a full set would have the same statistics as other sets that can be crafted for 5 platinum + materials.
What makes items special, expensive, 'Elite', or the like is not what they can do, but more down to what they look like and where they can be obtained