A recap of Magic Items awarded thus far.

I've said that through the first 2 levels of this I was going to stick to the letter of the rules as much as possible, and then adjust things after I get a better feel for the game.

With regard to awarding treasure the guidelines say that during progress to 2nd level the party should gain 10 treasure parcels - 4 of which are magic items. That's one item that's considered to be a level 2 item, 1 level 4, and so on. The same pattern for the 10 parcels en route to level 3, this time starting with a level 4 item.

So by the book the party should have aquired by now
1 level 6 item (none awarded yet)
2 level 5 items (Exalted armor, Orb of S.R)
2 level 4 items (Wavestrider boots, everlasting provisions)
2 level 3 items (Rod of M.C., Duelist Dagger)
1 level 2 item (Belt of Vigor)

So by these rules I "owe" the party a level 6 item. I will tell you that there will be an item among the dragons treasure, but it will probably not be a level 6 item.

By character
Steady has items of L4 and L3, worth (840 + 680) = 1520 GP
Aldrin has an L5 item worth 1000 GP
Gaius has an L5 item worth 1000 GP
the Tiefling has a L3 item worth 680 GP
Gesh has an L2 item worth 520 GP

I'm not counting the Everlasting provisions as property of any single character.

Gesh has certainly carried his share of the load, and I'll be evening things out a bit for him soon.