Perhaps getting rid of all material possessions is a bit much, but the Church, in Acts, has one standard that I think we should all strive for, "there was not a needy person among them." A young-ish man from the church I served in Maryland once said to me, "I don't mind that people have second homes, I just think everybody should have a first home first."
When we, as the Church, pray to a God who "established as new covenant of reconcilation" it seems to me that we are talking about a God who longs for a world where there is not a needy person among us. It is difficult, seperating wants from needs. Does everybody NEED an ipod? Probably not. Does everybody NEED a roof under which to live? Yeah, I think so. It is difficult, people will abuse the system.
But, it seems to me, the system will be self-policing for when no one has need, no one has reasonn to cheat or steal. "There was not a needy person among them" is a high bar to live up to, but I think it might be time to at least start trying.