Ok, I'm not great with magic items, but let's say I wanted to make a ring of cure light wounds that was command word activated. So we have 1800*spell lvl*caster lvl. This equals 1800*1*3 = 5400 gp to have basically unlimited healing at 1d8+3 hp per use. Our DM says that it is to powerful to have an item that can heal that much for only 5400, and has set the price at about 50,000. While I'm undecided if 5400 is fair or not (though I'm leaning yes), I'm not sure 50,000 is fair either.
What would you do?
EDIT: I thought about this after posting it, and it didn't take me long to change my mind. 50,000 isn't enough, it would be more like 200,000. An item like this makes any sort of healing ability useless and totally unbalances the game--if it is that cheap anyway. then I found the ring of regeneration, and saw that this logic was apparently supported by game designers. I just now got a chance to browse through replies, and it seems like pretty much everyone agrees. :)