I discussed this on IRC when the feature got implemented, and decided to make a vote about it now that it's been on the servers for a while.
In my opinion, ghosting items while they're not there is a feature that can bother players for many reasons. First of all, to me they look ugly and wrong the way they're currently done. Ghost items are also deceiving... I seen many players (including myself) often going for items which are not there before realizing what the low alpha means (I easily fragged someone in Stormkeep yesterday who laser-jumped for the ghosted superhealth). I also don't see why they are so needed... many maps mark item spawns, and if they don't it probably means the mapper wants players to learn item placement by exploring the map, which is actually more fun.
I spoke to people during online matches too, and so far everyone agrees the ghosted items should be turned off or done in another way. Some of the DCC servers have already disabled them.
Anyway, my suggestion is disabling g_ghost_items by default and returning items to how they used to be. To provide a better balance, I'll be posting a quick patch which adds ghosted items to the Create -> Advanced menu so they can be easily enabled if anyone wants them on their server... imo that seems fair.
[EDIT] Posted patch here.