The Anglo-Saxon derived modern-day reconstructionists are able to side-step the issue of Loki since he has no apparent appearances in their lore. But for everyone else Loki is either 1) actively reviled as an abonimation 2) warily regarded and only minimally honored to cover their asses in a form of 'let's not piss off Loki' or as 'Loki insurance' and 3) rarely, embraced and honored. I'm obviously of the later mind-set. If my handle alone didn't give that a way. ^_~
If you take Loki out of our lore, our lore loses so very much.
The many gift's of Loki...
Sif's Golden Hair
Odin's oath ring, Draupnir (from which all other oath rings derive)
Odin's horse, Sleipnir
Odin's Spear, Gungnir
Freyr's ship, Skíðblaðnir
Frey's boar, Gullinbursti