Brooklyn's saying her teal flares were iconic got me thinking about how I want to approach my statement items, since I decided to move to F5P (French 5 piece).
Here's how I define stupid magpie vs iconic.
Stupid magpie- inexpensive, fun, trendy statements for keeping wardrobe updated.
Iconic-timeless/beyond trend, extra special, $$$ statement pieces.

I decided I want to include both types in my F5P. Too many magpie, I get bored, but too many iconic long lasting pieces would lead to a very statement heavy wardrobe over time because there would be less turnover. Grasshopper is *finally* learning!

"Stupid magpie" pieces I think would be good as shoes, because they tend to wear out quick. Also, probably casual wear would be a good candidate. But I have sooo many magpie pieces that I wouldn't add without removing others. I used to think that accessories were good candidates, but decided otherwise now. Accessories don't wear out. I don't want a drawer full of magpie accessories!

Iconic gets me in trouble. I've had a bad habit of buying low PUPY iconic pieces, especially transitional weather things and dressier things. They're great for jazz concerts, plays, gallery openings, nice restaurants- which I do attend...but Not Often. Maybe 4-5× a year with my current life commitments.
That said, the categories which I think I would like to be iconic statements are: dresses, coats/toppers, good jewelry, bags.
On that note...a tooled leather bag is winging it's way to me