Asked before
It's to avoid people obtaining items that do not exist in future games, e.g. TMs that are no longer in use (and TMs cannot be held items in Gen V anyway), Masterballs, Exp. Shares, basically making the game much easier for yourself.
Many people used to transfer their rare items from Generation to Generation; in Gen V, your Pokemon will be able to be traded while holding an item (that's how many people trade for evo stones), but you can't do that outside of a generation because Nintendo didn't want people stockpiling rare items and then using them in future games to make it easier.
Even items available in Gen V are not transferrable, because the amount of time involved for coding every item would be a waste of effort. You can obtain most items in Gen V easily (Heart Scales are given once a day by a lady in Driftviel if you show her a Pokemon with the move she asks), and those that you cannot obtain more than a few of, the game was designed to be that way.