I've been running AV, and I think it depends on your group. If they find the mystery and anticipation fun, and have characters with the right skills to have a good chance of correctly identifying items, then by all means do it. You'll have to go through every NPC and loot pile ahead of time, to make sure you don't accidentally reveal an item.
But if your group is seriously lacking in lore skills — like, you have only one caster in a party of four and they're not an academic type — then they're going to have a hard time even telling if an item is magical, much less what it does. It's probably better for them if you handwave it, and just have items already identified.