EvilLoynis: It's not really worth making her her own items as she does not have the ability to really make a decent fighter without getting at least Arcane Power as one of her picks. She no longer comes with any of her own spells either.
legraf: I find (using Insecticide patch at least) that Morgana does come with four Death spells of her own - rather useful ones (Mana Leak, Black Prayer), plus Darkness and one other (edited, checked: Posession). Nice support for a Life-based Wizard.
Also, with her respectable mana pool, I think she's pretty handy in late game. Of course, with the right equipment even Rakir is handy enough. But I know this isn't relevant to the OP.
Insecticide is better referred to as a player made MOD and NOT a patch as it changes way to much about the game. Although I do have to admit that most of these make for better play some go beyond merely fixing bugs and enhancing hotkeys/navigation.
In the official 1.31 version, which is the one on gog and the last released by the developers, Morgana lost all her spells.
My main issue with the Mod is how they don't let you reload to try to get another Hero with the Summon Hero/Champ casting. It's just that to many heroes are completely useless and the computer so easily gets tons and you usually get few that you cannot really afford to waste time and mana on crappy ones.